Abound Raises £500M in Funding
- Abound, a London, UK-based fintech company using artificial intelligence and Open Banking to provide loans, raised £500M in debt and equity financing
- The round, which brought total funding to £570M, was led by K3 Ventures, GSR Ventures, and Hambro Perks. Debt financing came from Citi, and clients of Waterfall Asset Management
- The company intends to use the funds to expand the number of customers it lends to, to grow its headcount, and to develop its business-to-business offer
- The company is a financial service that uses Open Banking and artificial intelligence to provide borrowers with loans between £1,000 and £10,000 repayable for up 5 years
- To date, the company has been growing 30% month-on-month and served over 150,000 customers through its service
- The company is the consumer arm of Fintern Ltd, which also owns Render – the proprietary technology being used by Abound to deliver smart loans
