UK-based Aire has reportedly raised $5m for its Series A funding round led by Sunstone Capital.
Previous investor White Star Capital also contributed to the funding round, according to various media reports.
Credit scoring platform Aire helps people qualify for financial products. The platform uses machine learning to help new borrowers access credit, by showing their eligibility for capital, despite lack of historical data.
Aire takes users through an interview which evaluates profession, education, lifestyle and financial maturity, and mimics the style a human underwriter would work. The solution can also give companies access to new markets, while keeping acquisition numbers low.
The capital will be used to further develop its platform, according to the articles.
Following the transaction, the company has also announced partnerships with Zopa and Toyota Financial Services, the reports state.
This latest round of funding brings the company’s total investments to around $10.6m.
Copyright © 2017 FinTech Global