Abound, a London, UK-based credit technology company, has secured £800 million billion in debt and equity in a new funding round, bringing the total up to £1.3 billion.
Investors
The funding round includes a multi-year asset-backed debt financing arrangement from Citi, backed by loan originations. In addition, the Series B equity round was led by GSR Ventures, a Silicon Valley-based firm.
GSR Ventures is an early-stage investor in technology companies developing AI-enabled fintech, healthcare technology, enterprise software, and consumer platforms. Founded in 2004, the firm has more than $3.7 billion under management.
Abound Use of Funds
The company will utilize the funds to expand into prime lending in the UK and to roll out Render, its proprietary AI credit technology platform, globally.
About Abound
Founded in 2020 by Gerald Chappell and Dr. Michelle He, Abound is a financial service that uses Open Banking and artificial intelligence to provide borrowers with more affordable loans compared to traditional lenders. Its AI technology — Render, scans customers’ bank transaction data to understand each person’s unique financial situation and determine how much they can repay each month. To date, Abound has issued over £300 million (approximately €348 million) in loans and aims to double its team size from 65 to 130 people this year.
Funding Details
Company: Abound
Raised: £0.8B
Round: Series B
Funding Month: May 2024
Lead Investors: GSR Ventures
Additional Investors: Citi
Company Website: https://www.getabound.com/
Software Category: Lending Solutions
Source: https://siliconcanals.com/news/startups/uks-fintech-abound-secures-0-9b/