The London-based fintech uses Open Banking and AI to analyse customers’ bank transactions in real time. This provides a more accurate view of affordability compared to traditional credit scores, which often rely on statistical averages and limited data.

For the year to February 2025, Abound reported £8 million in net profit.

Abound says its approach gives a fuller picture of borrowers’ finances, enabling it to offer fairly priced loans to a wide audience of people, including those with thin or misrepresentative credit files but solid financial health. This is reflected in the fact that many of Abound’s customers take out loans to consolidate higher cost debt. When they do, Abound saves these customers over £1,000 on average over the duration of their loan.

At the same time, the technology enables more responsible lending by making it easier for lenders to identify potential vulnerabilities and changes in financial situation.

Abound, co-founded by Michelle He and Gerald Chappell, has rapidly expanded its reach in the UK personal loans market and is now preparing to launch in several international markets.

Abound also provides its proprietary lending platform, Render, to companies looking to improve their credit decisioning or looking to launch lending products for the first time. Some of Abound’s clients to date include GAIA Family and LemFi.

The company has raised over £1.6bn in debt and equity since launch, from investors including Citi, Deutsche Bank, Salica, Informed Ventures, and West Coast Capital.

Michelle He, COO, said: “This milestone reflects the demand for lending that is both flexible and responsible.

“Traditional models too often fail to measure affordability accurately. We’re offering an alternative that makes lending safer and more accessible. 

“It also shows how a British fintech can succeed at scale, with the potential to transform lending globally and drive further export and growth.”

Gerald Chappell, CEO, added: “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.”

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