Abound Acquires $601 Million to Supercharge its AI-based Consumer Lending Platform

Abound is a lending platform that offers low-cost, fair, and flexible lending solutions which serve borrowers’ interests and their long-term financial health. The app uses Artificial Intelligence to smartly analyze a customer’s live financial data. AI allows customers to qualify for affordable loans and delivers sustainable repayment plans.

Abound has raised $601 million to bring more new customers onto its platform, and to invest in its technology, combining open banking data and machine learning algorithms. Moreover, the startup intends to expand as a B2B service in Europe. Abound’s new funding includes both debt and equity: with U.S. bank Citi plus clients of Waterfall Asset Management LLC providing the debt portion; and K3 Ventures, GSR Ventures, and Hambro Perks providing equity. The company’s valuation is undisclosed.

Abound, London, United Kingdom, was founded in 2020 by Michelle He and Gerald Chappell. “We see ourselves moving beyond credit scoring,” CEO and co-founder Gerald Chappell said in an interview, describing the bank transaction data that Abound uses to create AI-based risk and lending profiles. Financial X-ray.” These in turn help Abound to “understand the true potential” when it comes to lending.

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