Abound secures over £500m in debt and equity funding to expand its consumer lending and technology offer.
The funding round includes backing from Citi, Waterfall Asset Management, K3 Ventures, GSR Ventures, and Hambro Perks.
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.
Abound has secured over £500m in a new debt and equity funding round to expand its customer base and headcount. The capital comes from a diverse group of backers, including Citi, Waterfall Asset Management, K3 Ventures, GSR Ventures, and Hambro Perks.
The London-based fintech leverages open banking and artificial intelligence to assess borrowers through a complete financial picture rather than relying on traditional credit scores. This latest investment follows consistent month-on-month growth and brings the total capital raised by the company to £570m.
Along with scaling consumer lending, the proceeds will support the development of Abound's business-to-business offering, enabling other financial institutions to utilise its proprietary technology. The firm aims to reach £1bn on its balance sheet by 2025.
From the founder
"Our approach to lending remains unique in the finance industry and this latest investment, which comes from a mixture of tech multinationals to global banks, is a testament to the demand and success of our service, particularly in this current challenging economic landscape. Abound has gone from strength to strength since we first launched and we’re excited for the next stage of growth as we look to capitalise on the strong foundations we’ve embedded with customers, and to revolutionise lending forever."
Gerald Chappell
CEO and co-founder at Abound
Investor perspective
"Waterfall is pleased to be part of Abound’s business expansion as it seeks to utilize open banking in a more informed way to help the consumer. Abound is led by a strong management team that we are excited to work with, supported by, what we believe is, a robust tech stack, underwriting methodology and view on risk. What Abound has achieved in its first two years of lending has been very impressive and should lay the groundwork for a strong platform to better serve the customers who should be able to access cheaper credit with open banking. We are excited to be a partner in the Abound journey."
Krishin Uttamchandani
Director, Waterfall Asset Management
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
Investors
Citi
Krishin Uttamchandani
Waterfall Asset Management
Tom Bradley
Hambro Perks
Kuok Meng Xiong
K3 Ventures
GSR Ventures