Abound (formerly Fintern)

Abound is an open banking startup committed to transforming consumer finance by expanding access to affordable credit and helping consumers build better financial lives.

Abound is embracing open banking functionality in order to scale its lending ambitons by looking at each customer’s entire financial life.

Abound was co-founded in 2020 by Gerald Chappell and Michelle He. The company is headquartered in London, United Kingdom.

 

Abound’s service is based around loans of between £1K and £1K, with repayment options extending up five years, with interest rates the company guarantees are lower than those offered by banks.

 

Abound combines open banking data and machine learning algorithms to build a “credit score” for applicants. This gives gives a “holistic” view of a person’s finances such as income, expenses and earnings to determine the borrowing rate for its loans.

 

Abound has issued loans to more than 150,000 customers to date, and is on track to loan out £1B ($1.2B) by 2025. Abound also plans to expand as a B2B service in Europe, which has been building out its own open banking framework, PSD2.

 

Fintern is backed by Citi, Waterfall Asset Management, Hambro Perks, Varengold Bank, K3 Ventures, GSR Ventures, and others. The company raised £500M ($601M) in a combination of debt and equity financing round on Mar 06, 2023. This brings Abound's total funding to $671.8M to date.

 

 

  • Year founded: 2020
  • Funding Info: $671.8M over 4 Rounds (Latest Funding Type: Debt)
  • Yearly Revenue: NA
  • Employee Size: 11-50
  • Business Valuation: NA
  • City/Town: London
  • State: London
  • Country: United Kingdom
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