Abound secures £250m in financing from Deutsche Bank

Abound, a London-based fintech company specializing in AI-powered credit technology, has secured up to £250 million in financing from Deutsche Bank, increasing its total lending capacity to £1.6 billion. This funding aims to expand its operations and enhance financial inclusion in the UK lending sector. Abound's unique cashflow underwriting platform, Render, utilizes AI-driven insights to assess borrowers' affordability, which helps minimize default rates and allows for lower interest rates. Founded in 2020 by Gerald Chappell and Dr. Michelle He, Abound has rapidly emerged as one of the UK's fastest-growing fintechs, having issued over £650 million in loans to date. The company turned profitable within three years of launching and intends to leverage its technology for global expansion as Open Banking becomes more widely adopted. CEO Chappell highlighted that this funding validates their innovative credit decisioning approach and positions them well for future growth.