Abound, a British credit technology company founded in 2020, has seen significant success since its launch three years ago. The company has achieved profitability and is looking to expand its team in London. With an AI-powered approach to loan assessment, Abound sets itself apart from traditional credit checks and has issued £300 million in loans to date.
Abound offers loans ranging from £1,000 to £20,000 repayable over up to 8 years with a 24.8% APR. The company’s consumer-focused branch utilizes Render – a proprietary technology that powers Abound’s smart loans. Render is also available as a B2B product for businesses looking to enhance their credit decisioning processes or enter the lending industry.
In 2021, Abound secured over £500 million in funding and aims to have £1 billion on its balance sheet by 2025. CEO and co-founder Gerald Chappell is proud of the company’s success, stating, “We originally built Abound to showcase the capabilities of our Render technology. We’re thrilled to not only have proven its effectiveness but also to have established ourselves as a profitable company and a key player in the London fintech sector.” To support its continued growth and innovation, Abound plans to double its team in London this year, expanding from 65 to 130 employees.
