Abound aims to expand its credit tech globally
Ai that scan your bank transaction data requires a certain degree of invasion. It is difficult to accept it, let alone accept my transaction information.
However, at least in the loan industry, this technology may bring an advantage.
The entry rate is everywhere. The London startup has just raised 800 million pounds for the loan platform that determines the loan amount of AI.
Unlike traditional credit inspections, AI is called rendering. AI analyzes customers' complete bank transaction data (from income to expenditure details) to understand that its personal financial status is different from traditional credit inspections. Then, the rendering can calculate the monthly payment of the customer.
According to the company's data, compared with industry standards, the default value of its technology has decreased by 75 %. Therefore, it is more ubiquitous. This can provide lower interest rates for consumers with 24.8 % (annual percentage) from £ 1,000 and £ 10,000, which can be repaid for up to five years.
The startup also provides AI credit platforms for banks and lenders throughout Europe.
One of Britain's fastest growing fintech is three years after 2020, everywhere. The company plans to develop its B2C and B2B markets and expand globally.
This is the largest round of funds in Europe so far this year, and it is a stock that has shifted to GSR Ventures led by debt financing and B -series stocks. The total investment is 1.3 billion pounds.
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