Infact, a challenger Credit Reference Agency, today announced a significant milestone, having secured £4m in seed funding alongside gaining authorisation from the Financial Conduct Authority (FCA) to operate as a Credit Reference Agency.
The £4m investment was led by AlbionVC, with contributions from 13books Capital, Outward VC, Form Ventures, and Portfolio Ventures. Additionally, Infact has received backing from top angel investors deeply entrenched in credit referencing, lending, and the FinTech space.
Infact aims to address the inherent issues plaguing legacy credit reference agencies, which often fail to serve both consumers and lenders adequately. Traditional bureaus struggle to keep up with the fast-changing consumer credit preferences, particularly as the market shifts towards lower value, high-frequency transactional products. To overcome these challenges, Infact has developed a platform that accurately reflects the needs of modern credit products and consumers in ways that existing bureaus have not managed. The platform allows for real-time reporting and retrieval of consumer credit risk insights through a straightforward and intuitive API, aiding lenders in enhancing their credit risk assessment and decision-making processes.
The freshly injected funds will be utilised to expand Infact’s bureau database and enhance its product suite, specifically designed to empower challenger banks and lenders to redefine the credit scoring landscape. This investment will also support the continued growth of the team as Infact accelerates its data acquisition from UK lenders and further develops its offerings across the credit lifecycle.
Will Mason, CEO and co-founder of Infact, commented on the vision for the company, “Legacy bureaus have done a bad job innovating in their core business and have instead chosen to innovate around the edges. We are excited to build a challenger bureau that supports today’s lenders by treating their consumers as people with rich and varied financial lives. We are excited to enter the next phase of growth and invest in maturing the credit bureau platform and building out the product suite.”
Jay Wilson, Partner at AlbionVC, shared his enthusiasm for the Infact team’s expertise and vision, “From the very first meeting with Will and Andy, it was clear that they have an unparalleled level of know-how. Infact is led by two visionary founders with a clear mission, deep domain expertise, and technical knowledge. We are thrilled to continue supporting them on their journey to become a category leading credit referencing agency globally.”
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