UK FinTech Credit Kudos has raised £5mn Series A funding.
Credit Kudos uses open banking to provide more accurate credit scoring.
The round was led by AlbionVC.
It also included TriplePoint, Plug & Play Ventures, Ascension Ventures’ Fair by Design Fund and Entrepreneur First, as well as a number of angel investors.
What does this mean?
Credit Kudos aims to transform the way credit scores are calculated to make things fairer. They are normally based off how much debt you have had and if you’ve paid it back, but Credit Kudos’ solution uses open banking to get a full picture of someone’s financial situation. The funding will help Credit Kudos scale its solution and enable lenders to make better informed decisions.