Seed15 April 2020

Credit Kudos raises £5m Series A funding led by AlbionVC

AlbionVC leads Series A round in challenger credit bureau Credit Kudos.

£5.0MSeed

Credit Kudos operates a challenger credit bureau that leverages open banking data to modernise financial assessments. The firm enables lenders to evaluate creditworthiness more accurately and expand access to fair borrowing.

Credit Kudos has secured £5m in a Series A funding round led by AlbionVC to expand its open banking credit assessment platform. The financing also saw participation from TriplePoint, Plug & Play Ventures, Fair by Design, and Entrepreneur First, alongside several prominent fintech angels.

The capital arrives as demand increases for alternative credit scoring methods that can fairly evaluate borrowers overlooked by traditional credit reference agencies. Credit Kudos intends to use the investment to scale its operations and cement its position as a challenger in the financial services sector.

From the founder

"In these challenging times, it’s more important than ever that people have access to the right financial products. We believe open banking will soon be the standard for credit assessments and, as the first regulated Credit Reference Agency with the capability to measure creditworthiness using open banking data alone, we are in a fantastic position to provide a service that is needed now more than ever."

Freddy Kelly

CEO at Credit Kudos

Investor perspective

"The credit assessment sector has been crying out for change and now new technologies and practices such as open banking have made this possible. We are extremely impressed by the meteoric rise of Credit Kudos, the exceptional people they have right across the business, and their use of innovative new fintech to disrupt the current sector. We look forward to supporting them as they continue to transform the fortunes of millions of people previously financially excluded by the outdated, traditional credit assessment model."

Ed Lascelles

Partner, AlbionVC