UK-based fintech Abound has secured up to £250 million in fresh financing from Deutsche Bank. Marking a major milestone in its mission to modernize consumer lending through AI-powered credit technology. The new funding will help the company scale operations, expand its AI platform Render, and continue offering more inclusive, affordable loans to UK borrowers.
This latest investment adds to Abound’s robust funding portfolio, which already includes backing from Citi, Waterfall Asset Management, and LuminArx. In total, the company now has access to £1.3 billion in funding. Making it one of Europe’s largest fintech funding rounds to date. Although Abound’s valuation remains undisclosed, the scale of its capital suggests growing investor confidence in its AI-driven lending approach.
Traditional credit scoring relies on outdated models and averages that often miss the full picture of an individual’s financial health. Abound takes a different route. Its proprietary Render platform uses AI to analyze Open Banking data. Examining spending habits, income patterns, and other behavioral indicators in real time. The result: a smarter, more accurate way to assess borrower affordability.
By relying on live financial data instead of static credit scores. Abound has cut loan default rates by 75% compared to industry norms. Enabling it to offer lower interest rates and more personalized loan terms. Its loans range from £1,000 to £20,000 with flexible repayment plans of up to eight years, and interest rates between 8.0% and 29.8%, making it more competitive than traditional lenders.
This approach not only supports borrowers overlooked by legacy systems. But also ensures compliance with FCA regulations and Cifas anti-fraud standards, reinforcing trust in a fast-growing sector.
Abound was co-founded in 2020 by Dr. Michelle He and Gerald Chappell, a duo combining deep experience in credit analytics and digital lending strategy. Dr. He, Abound’s COO, previously served as a director at EY, where she specialized in credit modeling and regulatory compliance for global banks. With a PhD in Computer Science and a focus on applying machine learning to financial systems. She now leads the development of the AI models powering Abound’s Render platform.
Her work has been instrumental in building an AI-driven underwriting system that not only enhances affordability assessment but also upholds strict regulatory standards. As a female founder in a male-dominated sector, Dr. He represents a growing wave of women leaders shaping the future of fintech and AI.
Meanwhile, CEO Gerald Chappell, formerly the Global Head of Digital Lending at McKinsey, brings a strategic edge that’s helped position Abound among the UK’s top fintechs. Under his leadership, the company continues to scale, expand its tech offering, and position itself for global growth.
As Abound strengthens its presence, it faces rising competition from other UK fintechs investing heavily in AI and Open Banking. Lendable, for instance, raised £210 million in a recent funding round, pushing its valuation above £3.5 billion. Similarly, Zopa secured £68 million to expand its services and invest in artificial intelligence capabilities.
However, Abound’s edge lies in its proprietary AI models and cashflow-based underwriting that outperform traditional scoring systems. The Deutsche Bank facility not only validates this model but positions the company to become a key force in reshaping consumer credit—at home and eventually abroad.
With Open Banking adoption growing—now used by nearly 20 million UK consumers—Abound is preparing to expand its reach. The latest funding will allow the company to enhance its Render platform, scale its prime lending product, and begin offering its technology to other lenders.
“This facility from Deutsche Bank is further validation of our data-led AI credit decisioning,” said CEO Gerald Chappell. “As more countries adopt Open Banking, we’re in the perfect position to take what’s worked in the UK and go global.”
COO Dr. Michelle He echoed that sentiment: “Our diversified funding strategy gives us the flexibility and resilience to keep growing—and to support other lenders through our technology.”
As Abound continues to lead the charge in AI-powered credit technology, it stands at the forefront of a financial future that’s not only smarter but fairer—where credit decisions are based on real-life data, not outdated systems.
