Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Abound Secures £800 Million Funding Round with Backing from Sir Tom Hunter

by May 7, 2024
May 7, 2024
Abound Secures £800 Million Funding Round with Backing from Sir Tom Hunter

Abound, a British technology-driven lending firm, has successfully raised £800 million in its latest funding round, with support from investors including Scottish billionaire Sir Tom Hunter.

The financing comprises a debt facility from Citigroup and equity investments from existing backers, including GSR Ventures, Sir Tom Hunter’s investment firm, and Hambro Perks.

Founded in 2020 by Gerald Chappell, former McKinsey partner, and Michelle He, previously at EY, Abound has quickly gained traction in the lending space, having already provided £300 million in loans. The company aims to disrupt consumer lending by focusing on borrowers who may face challenges obtaining credit from traditional banks.

Central to Abound’s approach is its use of artificial intelligence, particularly its AI-powered credit decision technology known as Render. By analyzing prospective borrowers’ bank transaction data, Render assesses their creditworthiness and ability to repay loans. This innovative approach has enabled Abound to serve customers directly and offer its Render technology to other lenders in Europe.

The infusion of capital will accelerate Abound’s growth plans, including expansion into prime lending in the UK and scaling up its business-to-business operations globally. Despite not disclosing specific details about the funding split or valuation, Chappell expressed confidence in the company’s trajectory, citing the strong investor support as a testament to Abound’s success.

With plans to unveil its maiden profit in its upcoming financial accounts, Abound is poised for further expansion and innovation in the consumer lending market, leveraging AI-driven solutions to meet the evolving needs of borrowers and lenders alike.

Read more:
Abound Secures £800 Million Funding Round with Backing from Sir Tom Hunter

0
FacebookTwitterGoogle +Pinterest
previous post
UK Economy Shows Signs of Recovery, Exiting Recession
next post
Savills Revises House Price growth forecast to 2.5% Amid Confidence in Mortgage Rates

You may also like

Simon Cowell backs new streaming platform launched to...

October 23, 2023

Octopus Energy Group Secures New Global Investors to...

June 5, 2024

New report finds 39% of the UK’s fastest...

August 22, 2023

What to Look for in a Top PHP...

May 15, 2024

Labour to Make Mortgage Guarantee Scheme Permanent for...

June 7, 2024

Huel and Zoe ads banned over undisclosed links...

August 13, 2024

UK Chancellor signs financial services agreement with EU

June 27, 2023

T Levels: what are they and how they...

August 24, 2023

Advantages that you get throughout your bitcoin investment!

December 6, 2022

Digital Innovators secures local employers to boost digital...

November 3, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Frasers Group secures potential £3.5bn war chest to fund growth and acquisitions

      July 3, 2025
    • Roomix raises £850k to expand family-focused custom furniture platform

      July 3, 2025
    • House advances Trump’s massive agenda bill after fiscal hawks cave

      July 3, 2025
    • Technological Innovation: How are Greece and the UK Leading the Way?

      July 3, 2025
    • Trump turns to Supreme Court in fight to oust Biden-era consumer safety officials

      July 3, 2025
    • Bush teams up with notorious Trump foes to trash ‘colossal mistake’ shuttering USAID

      July 2, 2025

    Categories

    • Business (8,368)
    • Investing (2,094)
    • Politics (15,922)
    • Stocks (3,187)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved