Abound hits profitability three years after launch image credit: shutterstock

UK credit technology firm Abound has achieved profitability and aims to double the size of its team this year.

Founded in 2020, Abound is also now one of the UK’s fastest-growing loan providers. It has now issued over £300m in loans since its launch.

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Abound’s AI technology scans customers’ open banking data to accurately understand each applicant’s unique financial situation and what they can afford to repay each month. This is in contrast to traditional credit checks. These are based on statistical averages and may be right on average but are wrong in almost every individual case.

The AI-powered technology means Abound sees 75% fewer defaults than the industry standard. It means they are often able to offer customers the cheapest rate they can find.

It is estimated that over 15 million people in the UK currently struggle to borrow for unexpected costs. As a result, many consumers with poor credit scores have to accept unacceptably high or unrealistic interest rates.

Abound on track to have a £1bn balance sheet by 2025

As well as the firm’s B2C offering, the company’s proprietary AI technology – known as Render – is sold as a B2B product to other businesses that are either seeking to improve their own credit decisioning or start lending for the first time.

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Last year Abound raised more than £500m in funding to support its growth in the UK market. Abound is on track to have £1bn on its balance sheet by 2025.

Gerald Chappell, CEO and co-founder of Abound, said: “We originally built Abound to prove that our Render technology could work. We’re delighted to therefore not only have proved that. But also, to have become a profitable company in our own right, as well as major employer in the London fintech scene.”