Aire pockets $2m for machine learning-driven credit scores

London-based credit score provider Aire has raised $2m in a new round funding.

The investment was led by White Star Capital with existing backers Sunstone Capital and Accion Venture Lab also participating.

The company aims to use machine learning to generate credit scores for those without a credit history, allowing them access to financial services.

This includes young people, self-employed workers and recent arrivals in the region.

Aire says it has also now gained approval from the UK Financial Conduct Authority (FCA).

The company says the new funding, which brings the total raised to $7m, will be used to forge new partnerships and hire more data scientists and researchers.

It announced plans to expand around the US and Canada in January.

Copyright © 2016 FINTECH GLOBAL

 

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