UK – Abound, a London, UK-based fintech company using artificial intelligence and Open Banking to provide loans, raised £500M in debt and equity financing.
The round, which brought total funding to £570M, was led by K3 Ventures, GSR Ventures, and Hambro Perks. Debt financing came from Citi, and clients of Waterfall Asset Management. The company intends to use the funds to expand the number of customers it lends to, to grow its headcount, and to develop its business-to-business offer.Founded in 2020 and led by Gerald Chappell, CEO and Dr Michelle He, Abound is a financial service that uses Open Banking and artificial intelligence to provide borrowers with loans between £1,000 and £10,000 repayable for up 5 years. To date, the company has been growing 30% month-on-month and served over 150,000 customers through its service. Abound is the consumer arm of Fintern Ltd, which also owns Render – the proprietary technology being used by Abound to deliver smart loans.08/03/2023
