Abound lands £250m from Deutsche Bank to modernise UK lending
Deutsche Bank has provided up to £250m in new financing to help the credit technology firm scale its operations.
An AI-powered credit technology firm providing consumer loans based on individual affordability assessments.
Abound has raised up to £250m in new financing from Deutsche Bank to scale its operations and modernise the UK lending market. The capital will support the company in offering fairer credit using its AI-driven underwriting platform.
The latest facility complements existing debt and equity facilities from backers including Citi, Waterfall Asset Management, and LuminArx. Abound previously announced up to £800m in funding to expand its prime lending activities and roll out its Render platform globally.
Co-founded by Gerald Chappell and Dr Michelle He, the firm uses Open Banking data to evaluate borrower financial health and reduce default rates compared to conventional lending models.
From the founder
"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."
Gerald Chappell
CEO and Co-founder at Abound
Use of funds
- 01Scale operations
- 02Expand into international markets