In 2020, British credit technology company Abound was founded in London and has since reached profitability just three years after its launch. With a team of 65 employees, the company plans to double in size to 130 by the end of the year.
Abound’s AI technology is what sets it apart from traditional credit checks. It utilizes Open Banking Data to analyze customers’ financial situations and determine what they can afford to repay each month. This personalized approach results in fewer errors for individual cases and 75% fewer defaults than industry standards. Since its inception, Abound has issued £300 million in loans ranging from £1,000 to £20,000 with repayment terms of up to 8 years and a 24.8% APR.
Abound is a subsidiary of Fintern Ltd, which also owns Render – the technology that powers Abound’s smart loans. Render is available as a B2B product for businesses seeking to improve their own credit assessments or enter the lending market for the first time. Last year, Abound secured over £500 million in funding with the goal of reaching £1 billion on its balance sheet by 2025.
Gerald Chappell, CEO and co-founder of Abound expressed pride in the company’s success stating “We originally built Abound to showcase the capabilities of our Render technology. We are thrilled to have not only demonstrated its effectiveness but to have also achieved profitability and established ourselves as a significant player in the London fintech sector.”