The UK-based FinTech that uses a combination of open banking and artificial intelligence to offer better loan deals to consumers, has raised £500 million in a mixture of debt and equity finance.
IN BRIEF:
Debt financing comes from Citi and clients of Waterfall Asset Management. Equity investors included K3 Ventures, GSR Ventures, and Hambro Perks.
Abound uses a combination of open banking and artificial intelligence to offer borrowers better interest rates by looking at their complete financial picture, rather than relying on just a credit score.
The company says it has been growing 30% month-on-month and served over 150,000 customers through its service.
What does this mean?
Gerald Chappell, CEO and co-founder, says: "This latest investment, which comes from a mixture of tech multinationals to global banks, is a testament to the demand and success of our service, particularly in this current challenging economic landscape."
