London-based credit technology firm Abound has completed a significant financing round, totaling up to £800 million. This recent capital influx is one of the largest European funding endeavors of the year and combines both debt and equity. This ambitious financial move is projected to facilitate Abounds’ expansion into the UK’s prime lending market and promote the global deployment of their proprietary AI credit platform, Render. Achieving profitability within a mere three years from its inception, Abound has already provided over £300 million in loans and forecasts personnel growth from 65 to an impressive 130 within the year. Their AI technology differs from traditional credit assessment by evaluating individual bank data for tailor-made financial insights, reducing default rates substantially and offering competitive interest rates. By working in alignment with the principles of open banking, Abound envisions a credit system that transcends outdated models and democratizes financial access. The completion of this funding round, comprising contributions from venture capital institutions and major banks like Citi, underscores a collective confidence in Abounds’ direction and technological prowess, as articulated by CEO Gerald Chappell and fellow co-founder Michelle He. GSR Ventures, an instrumental participant in the equity funding, applauded Abound’s AI-infused approach to credit allocation that ostensibly will democratize financial services on a global scale.

Financial Technology, Artificial Intelligence,United Kingdom, Global

AI FinTech Abound raises mammoth £800m