Abound Secures Significant Funding to Expand Prime Lending and Global AI Credit Platform

Abound, a London-based credit technology company, secures significant funding to expand prime lending and its global AI credit platform, driving financial inclusion and empowerment on a global scale. Read more on

London-based credit technology company Abound has announced a substantial new financing round, potentially extending up to £0.8 billion, signaling a significant milestone in its growth trajectory.

The latest funding round, a blend of debt and equity, underscores Abound’s remarkable journey to profitability within just three years of its inception. The infusion of capital is poised to fuel the company’s expansion into prime lending in the UK and the global rollout of its proprietary AI credit technology platform, Render.

Abound has emerged as one of the UK’s fastest-growing fintech firms, having disbursed over £300 million in loans to date. The company aims to double its team size from 65 to 130 employees this year, propelled by its vision to redefine credit decisions worldwide.

Render, Abound’s cutting-edge AI technology, analyzes customers’ bank transaction data to gauge their unique financial positions accurately. This personalized approach contrasts with traditional credit checks, offering consumers lower interest rates and significantly reducing default rates by 75% compared to industry standards.

The financing round comprises a multi-year asset-backed debt financing arrangement from existing financier Citi, supplemented by a Series B equity round led by Silicon Valley-based GSR Ventures. This substantial investment underscores investors’ confidence in Abound’s business model and the transformative potential of Render in reshaping consumer credit dynamics.

Gerald Chappell, CEO and co-founder of Abound and Render, expressed enthusiasm about the substantial investment, emphasizing its testament to Abound’s success and investors’ confidence in its AI-powered technology.

Michelle He, co-founder of Abound and Render, highlighted the transformative impact of Open Banking and AI in empowering consumers to access more affordable financial products. She emphasized Render’s role in providing more accurate credit assessments, driving down costs, and mitigating risks for borrowers.

Jefferson Chen, partner at GSR Ventures, commended Abound for harnessing AI and open banking to revolutionize credit decisioning, driving financial inclusion on a global scale. He emphasized Abound’s data-driven approach and its potential to extend affordable credit to a broader customer base, positioning the company as a frontrunner in responsible innovation in financial services.

The significant funding injection underscores Abound’s commitment to leveraging technology to make credit decisions more accessible, affordable, and transparent for consumers worldwide, heralding a new era of financial inclusion and empowerment.