London-based FinTech company, Abound, has recently fortified its financial structure with a substantial £250m financing deal secured from Deutsche Bank.
According to UKTN, this fresh infusion of capital is poised to significantly enhance the firm’s consumer lending capacity, which now stands at an impressive £1.6bn.
The £250m will integrate seamlessly with existing facilities from other notable funders, including Citi, Waterfall Asset Management, and LuminArx, positioning Abound to scale up its operations effectively. Abound’s unique selling proposition lies in its proprietary cashflow underwriting platform, Render, which leverages AI-driven Open Banking insights to assess each borrower’s financial scenario and affordability accurately.
With the integration of real-time financial data, Render aids Abound in minimizing default rates, thereby enabling it to offer more competitive rates to its consumers. This strategic approach to credit decisioning showcases the potential of bank-transaction data-led AI technology in modern lending practices.
Gerald Chappell, CEO and co-founder of Abound, highlighted the significance of the deal, stating, “This new facility from Deutsche Bank further evidences the power of our bank-transaction data led AI credit decisioning technology. Open Banking has become a mature and widely adopted technology in the UK, and is now used by nearly 20 million people. As more and more countries around the world adopt Open Banking, we’re perfectly poised to start taking what’s worked in the UK, global.”
Dr Michelle He, co-founder and COO of Abound, added, “Abound’s diversified funding strategy ensures resilience in the evolving credit market, as we continue to expand, and, increasingly, provide our technology to other lenders.”
The financing underscores Abound’s robust position in the financial market and its commitment to enhancing financial inclusion and modernizing the lending sector through innovative technological adoption.
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