U.K.-based fintech Abound has only been on the market since 2020, but it has already built a reputation for rapid growth. Thanks to its novel “smart lending” platform that pairs AI and open banking, Abound offers its users a wholly unique credit experience that has brought the company 30% month-on-month growth. It accomplishes this technological feat through Render, the tech produced by parent company Fintern Ltd.
As of March 2023, Abound is even better prepared to attain its goal of £1 billion on its balance sheet before the end of 2025. According to an announcement put out by the company, Abound has raised an additional £500 million in equity and debt financing. The fundraising round, led by Citi, K3 Ventures, and GSR Ventures, is anticipated to supercharge Abound’s B2B offerings and continued expansion of its client base.
“This latest investment, which comes from a mixture of tech multinationals to global banks, is a testament to the demand and success of our service, particularly in this current challenging economic landscape,” said the company’s Chief Executive Officer and Co-Founder, Gerald Chappell.