British credit technology firm Abound has seen significant success since its launch three years ago, achieving profitability and looking to expand its team in London. The company, founded in 2020, has developed AI technology that analyzes customers’ Open Banking Data to accurately assess their financial situation and determine their ability to repay loans. This personalized approach sets Abound apart from traditional credit checks, leading to significantly fewer defaults and £300 million in loans issued to date.
Abound currently offers loans ranging from £1,000 to £20,000 repayable over up to 8 years with a 24.8% APR. The company is a consumer-focused branch of Fintern Ltd, utilizing Render – a proprietary technology that powers Abound’s smart loans. Render is also available as a B2B product for businesses looking to enhance their credit decisioning processes or enter the lending industry.
Last year, Abound secured over £500 million in funding and aims to have £1 billion on its balance sheet by 2025. CEO and co-founder Gerald Chappell is proud of the company’s success, stating, “We originally built Abound to showcase the capabilities of our Render technology. We’re thrilled to not only have proven its effectiveness but also to have established ourselves as a profitable company and a key player in the London fintech sector.” The company plans to double its team in London, expanding from 65 to 130 employees this year to support its continued growth and innovation.