Abound funding news – London-based Abound Secures up to €300 Million in Funding

This new funding adds to support from other investors like Citi, Waterfall Asset Management and LuminArx, giving Abound more resources to expand its operations, improve financial inclusion and modernize the lending industry. This brings Abound’s total lending capacity to €1.9 billion.

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Gerald Chappell, CEO and Co-founder of Abound, said: “This new facility from Deutsche Bank further evidences the power of our bank-transaction data led AI credit decisioning technology. Open Banking has become a mature and widely adopted technology in the UK, and is now used by nearly 20 million people. As more and more countries around the world adopt Open Banking, we’re perfectly poised to start taking what’s worked in the UK, global.”

Abound uses Open Banking and AI to offer fair loans based on what borrowers can actually afford to repay. They offer loans between €1.1k and €23.9k, with repayment terms of up to 8 years and APRs from 8% to 29.8%.

With more data available than ever before, Abound believes relying on old credit scores and averages no longer makes sense. Their unique platform, Render, uses AI and Open Banking data to understand each borrower's financial situation and affordability.

By using real-time financial data Render helps Abound reduce default rates and offer lower interest rates to customers. Render is owned by Fintern Holdings Ltd., and Abound is their consumer-focused arm.

Dr Michelle He, COO and co-founder of Abound, added: “Abound’s diversified funding strategy ensures resilience in the evolving credit market, as we continue to expand, and, increasingly, provide our technology to other lenders.”

About Abound

Abound was founded in 2020 by credit experts Gerald Chappell (former McKinsey Partner) and Dr. Michelle He (former EY Director). It has quickly become one of the fastest-growing FinTech companies in the UK, having issued over €779.7 million in loans since its launch.