Abound has raised a $601M funding round to provide AI-powered loans.
The funding is structured in both equity and debt.
- Abound is a fintech platform that uses AI to determine if a loan applicant can afford it by thoroughly analyzing their financial performance data.
- The platform offers loans ranging from $1,200 to $12,000, with lower interest rates than what traditional banks can provide.
- Company officials claim that the startup has had 70% fewer default rates than the industry average in the U.K. during the last two years.
- U.S. bank Citi provided the majority of the debt funding, while K3 Ventures, GSR Ventures, and Hambro Perks led the equity portion of the round.
- Abound is based in London, U.K.
