Abound raises up to £800m in debt and Series B funding led by GSR Ventures and Citi
The financing round includes participation from GSR Ventures and Citi to fund international expansion and product rollout.
London based credit technology company providing consumer loans through Open Banking and proprietary artificial intelligence. The firm reaches profitability shortly after launch and issues hundreds of millions in loans.
London based credit technology company Abound has secured up to £800m in a combined debt and Series B equity financing round. The investment package includes a multi-year asset backed debt facility from existing financier Citi, alongside a Series B equity injection led by GSR Ventures.
Abound will deploy the capital to scale its operations into prime UK lending and introduce its Render credit technology platform globally. The firm has experienced rapid expansion since its launch, issuing over £300m in loans and aiming to double its workforce this year.
The company uses Open Banking transaction data to power its credit decisions, resulting in lower default rates and more competitive interest rates for consumers compared with traditional scoring methods.
From the founder
"A new investment of this size, which comes from a mixture of VC funds and global banks, is a testament to the demand for and success of Abound and Render. It speaks to the confidence investors have in our business to keep growing and in our AI-powered technology to continue transforming consumer credit."
Gerald Chappell
CEO and co-founder at Abound
Investor perspective
"We are thrilled to expand our partnership with Abound, which is harnessing the power of AI and open banking to revolutionize credit decisioning. Their data-driven approach allows for more accurate risk assessments, enabling them to extend affordable credit to a wider range of customers in the UK and internationally. Abound is at the forefront of responsible innovation in financial services, and we are confident their solutions will drive financial inclusion on a global scale."
Jefferson Chen
partner, GSR Ventures
Use of funds
- 01Expand into international markets
- 02Continue product development
- 03Grow the team