Credit score firm Aire recently secured $5 million during its Series A funding round led by Sunstone Capital with participation from White Star Capital. The company states it gives people a new credit to help them qualify for essential financial products. It is authorized and regulated by the Financial Conduct Authority (FCA):
“Aire believes in a singular vision that the world will be a better place when people have fair access to finance. Credit scores are a major part of that process, especially when genuine hard-working people are left out of the ecosystem. We started this company to right-the-wrong and build an enduring and sustainable credit model. Where people are at the heart of the solution in a transparent, responsible and inclusive manner.”
Speaking about the investment, Aneesh Varma, founder and CEO of Aire, stated:
“This new funding round is strong vindication that we are making the right progress towards that goal. The last year has been exceptionally positive with the FCA authorisation, new partnerships, increasing data volumes and now the funding to go into new markets. We are keen to bring Aire to as many people as we can, so there is still a busy time ahead of us on this mission.”
Yacine Ghalim, principal at Sunstone Capital, added:
“Aire is a perfect example of the type of AI-enabled companies we have been looking for: vertically focused, having direct access to a proprietary dataset, addressing a high-value industry problem by using machine intelligence to extend the shortfalls of human experts.”
Aire has reportedly joined forces with peer-to-peer lender, Zopa, and Toyota Financial Services