Abound, a UK Fintech in the online lending sector, has surpassed £1 billion in lending.
First reported by Financial IT, Abound CEO Gerald Chappell, is quoted on the milestone:
“Reaching £1 billion in loans is proof of our momentum and our technology. With more milestones ahead, including expansion into international markets, our focus remains on reshaping how lending decisions are made globally so that more people can get access to fairly priced credit.”
Abound is a platform that leverages artificial intelligence and Open Banking to support its lending platform. Their tech is described as providing a better perspective of the creditworthiness of a borrower.
In March, it was reported that Abound received a commitment of £250 million in a credit facility from Deutsche Bank.
Founded in 2020, the company became profitable in 2024.
