Increasing access to fair credit globally
In brief:
- London-based credit technology company Abound has announced a new financing round which could extend up to £800 million.
- The funding announcement—one of the largest in Europe so far this year — is a mixture of debt and equity. Abound will use the new funding to expand into prime lending in the UK, and to roll-out Render, its proprietary AI credit technology platform, globally.
- Abound is now one of the UK’s fastest-growing FinTechs, having issued over £300m in loans to date and is aiming to double the size of its team from 65 to 130 people this year. It has reached profitability just three years after launch.
What does this mean?
“A new investment of this size, which comes from a mixture of VC funds and global banks, is a testament to the demand for and success of Abound and Render,” said Gerald Chappell, CEO and co-founder. “It speaks to the confidence investors have in our business to keep growing and in our AI-powered technology to continue transforming consumer credit.”
