UK lender Abound secures £800m in financing round
UK-based credit technology firm Abound secures £800m in new financing round, including equity and debt financing from Citi and GSR Ventures.
Abound, a UK-based credit technology firm, has recently announced the successful completion of a new financing round, raising up to £800 million in a combination of equity and debt financing. This funding round includes an asset-backed debt financing arrangement from existing investor Citi, as well as a Series B equity component led by Silicon Valley-based GSR Ventures. This latest round of financing comes on the heels of a £500 million equity and debt raise secured by Abound last year.
Founded in 2020 by Gerald Chappell and Dr. Michelle He, Abound prides itself on offering borrowers access to more affordable loans compared to traditional lenders. The company has already issued over £300 million in loans to date. With the new funding in place, Abound is looking to expand its presence in the UK market by venturing into prime lending. The company also aims to double its workforce from 65 to 130 employees this year.
One of the key areas where Abound plans to invest the new funds is in its proprietary AI-powered credit technology platform, Render. This platform leverages customers' open banking data to quickly assess their borrowing capacity. By using Render, Abound believes it can help enterprises make smarter credit risk decisions and extend their services to a wider range of customers, including those who may be considered "credit invisible."
Abound's latest financing round marks a significant milestone for the company as it looks to expand its reach in the UK market and enhance its technological capabilities. With a focus on providing more affordable loans and leveraging AI-powered solutions, Abound is poised for continued growth and success in the competitive credit technology sector.
UK lender Abound secures £800m in financing round
EPI Launches Wero: A Digital Wallet and Instant Payments Solution in Germany
Discover the latest innovation from The European Payments Initiative with the launch of Wero, a digital wallet and instant account-to-account payments solution in Germany.
Discover the latest innovation from The European Payments Initiative with the launch of Wero, a digital wallet and instant account-to-account payments solution in Germany.
Read moreGreek Neobank Snappi Granted Universal Banking License by ECB
Learn about how Snappi, a Greek neobank, secured a universal banking license from the ECB with the support of the Bank of Greece.
Learn about how Snappi, a Greek neobank, secured a universal banking license from the ECB with the support of the Bank of Greece.
Read moreTaxfix Expands to UK Market with TaxScouts Acquisition
German digital tax platform Taxfix partners with TaxScouts to streamline tax filing for UK users, making the process simpler and more empowering.
German digital tax platform Taxfix partners with TaxScouts to streamline tax filing for UK users, making the process simpler and more empowering.
Read moreCredAble Launches Revolving Short-Term Loans for MSMEs in FinTech Move
Discover how CredAble's new product addresses the $5.2 trillion financing gap for MSMEs, focusing on working capital shortages in India.
Discover how CredAble\'s new product addresses the $5.2 trillion financing gap for MSMEs, focusing on working capital shortages in India.
Read moreCanada’s Haventree Bank Chooses Temenos for Lending and Banking Expansion
Haventree Bank, a Schedule 1 bank in Canada, partners with Temenos to enhance lending services and drive business growth through digital transformation.
Haventree Bank, a Schedule 1 bank in Canada, partners with Temenos to enhance lending services and drive business growth through digital transformation.
Read moreBank of America Partners with Simply Asset Finance to Provide £120 Million in Funding for UK Businesses
Bank of America's new partnership with Simply Asset Finance offers UK businesses access to £120 million in funding, solidifying their position in the UK Asset Finance market.
Bank of America\'s new partnership with Simply Asset Finance offers UK businesses access to £120 million in funding, solidifying their position in the UK Asset Finance market.
Read moreVipps MobilePay Enables Cross-Border Money Transfers in Nordic Region
Discover how Vipps MobilePay's 11.6 million users can now seamlessly transfer money between Norway, Denmark, and Finland with ease and convenience.
Discover how Vipps MobilePay\'s 11.6 million users can now seamlessly transfer money between Norway, Denmark, and Finland with ease and convenience.
Read moreGlobal Payments Acquires UK Payments Firm Takepayments
Global Payments makes strategic move with $250m acquisition of Takepayments, expanding its global reach in the payments industry.
Global Payments makes strategic move with $250m acquisition of Takepayments, expanding its global reach in the payments industry.
Read moreSidekick Raises £8.5M for Wealth Management Platform
Sidekick secures £8.5M for its wealth management platform, fueling client expansion, product development, and licensing ambitions in Europe. Learn more about the investment and growth plans here.
Sidekick secures £8.5M for its wealth management platform, fueling client expansion, product development, and licensing ambitions in Europe. Learn more about the investment and growth plans here.
Read more