BETR Technology secures £36.3m Series A investment led by Force Over Mass to expand its consumer credit platform.
The Series A round was led by Force Over Mass and included debt financing from Atalaya Capital Management.
BETR Technology operates Koyo, an Open Banking powered consumer lending platform that offers affordable credit to near prime and thin file borrowers. The company utilises transactional bank data to perform accurate risk assessments and provide competitive loan rates.
London based consumer lender BETR Technology, known as Koyo, has secured £36.3m in Series A funding. The investment round was led by Force Over Mass, with participation from returning backers Seedcamp, Frontline Ventures and Forward Partners. Additional participants in the round include angel investors such as GoCardless founder Matt Robinson.
The capital injection forms part of a broader £36.3m debt and equity raise, which includes debt funding secured from New York based alternative investment advisory firm Atalaya Capital Management. Koyo intends to deploy the fresh capital to support its growth plans within the UK consumer credit market.
Launched during the early stages of the pandemic in January 2020, Koyo leverages Open Banking data to serve customer segments that typically struggle to access affordable credit through traditional financial institutions. The company's platform has garnered distribution through major comparison panels including MoneySuperMarket and Experian.
Investor perspective
"We invest in companies that combine transformational technology with strong business models, and Koyo indexed strongly in both of those departments. Koyo has built a first-class foundation over the last 18 months of operation, and we’re excited to be part of its future"
Filip Coen
Partner, Force Over Mass
Investors
Categories
About the company
BETR Technology
BETR Technology operates an Open Banking powered consumer lending platform.