Consumer lending challenger Koyo has raised £36mn in its Series A round.
In Brief:
Koyo is a new lender that operates through open banking.
It is aiming to focus on near-prime customers.
The funding was led by Force Over Mass, including Forward Partners, Frontline Ventures and Seedcamp.
What does this mean?
Force Over Mass is a new investor, joining angel investors who are also backing the business for the first time. Koyo was launched in 2020 and aims to use open banking data to help make lending decisions during a time of uncertainty.
