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HomeAIUK lender Abound secures £800m in mix of equity and debt financing

UK lender Abound secures £800m in mix of equity and debt financing

Date:

  • Abound’s Financing Round:
    • UK-based credit technology firm Abound has secured a new financing round consisting of both equity and debt financing, potentially extending up to £800 million.
    • The financing includes a multi-year asset-backed debt financing arrangement from existing backer Citi, as well as Series B equity led by Silicon Valley-based GSR Ventures.
    • This round complements the firm’s previous £500 million equity and debt financing raise secured last year.
  • Company Background:
    • Founded in 2020 by Gerald Chappell and Dr. Michelle He, Abound offers borrowers more affordable loans compared to traditional lenders and has issued over £300 million in loans to date.
  • Utilization of Funds:
    • Abound plans to use the new funds to expand into prime lending within the UK market and double its workforce from 65 to 130 employees this year.
    • Additionally, the lender will leverage the financing to roll out its proprietary AI-powered credit technology platform, Render, worldwide.
  • Render Platform:
    • Render utilizes customers’ open banking data to quickly assess their borrowing capacity, enabling enterprises to make smarter credit risk decisions and extend services to more customers, including those who are credit-invisible.
  • CEO Statement:
    • Gerald Chappell, CEO of Abound, expresses confidence in the business’s growth trajectory, stating that the recent financing reflects investors’ confidence in their ability to continue expanding.

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