Abound, a fintech company based in the UK has reported raising funds for 500 million pounds as a result of a combination of debt and equity financing.
This company uses a combination of open banking and artificial intelligence. The purpose of the firm is to provide customers with the best loan offers.
Debt financing comes from Citi and Waterfall Asset Management clients. K3 Ventures, GSR Ventures, and Hambro Perks acted as equity investors.
The total amount of financial resources, including investors’ money, which has been received by the company as of today, is 570 million pounds.
Abound was founded in 2020 by two senior credit experts from McKinsey and EY. The company offers loan recipients more favorable interest rates. The firm’s specialists study the full financial picture of each client, not limited to familiarization only with the credit history.
Currently, Abound offers loans in the amount of 1 thousand to 10 thousand pounds. The maturity is up to five years at 24.8% per annum.
The firm is the consumer division of Fintern Ltd, which also owns Render, a proprietary technology used by Abound to provide smart loans.
According to the company’s representatives, currently, its monthly growth is 30%. The firm has served more than 150 thousand customers using Render.
Currently, the company is following the goal, which is to have cash of 1 billion pounds on its balance sheet by 2025. The firm intends to use the new funding to increase the number of employees. Also, part of the money available to the company will be directed to the development of a business offer, through which Render will become available to other financial institutions.
Gerald Chappell, CEO and co-founder of Abound, said that the investments that come from various technological multinational corporations and global banks are evidence of the demand for and high performance of the firm’s service.
As we have reported earlier, Bankjoy Raises Funding From Curql.