Abound Secures £250m Financing from Deutsche Bank
Deal News | Mar 27, 2025 | Business Cloud
Abound, a London-based AI-powered credit technology firm, has secured £250 million in financing for consumer loans from Deutsche Bank. This new funding brings Abound's total lending capacity to £1.6 billion and enhances its ability to offer affordable credit to UK consumers. The company leverages its AI-driven platform, Render, which uses open banking insights to tailor loan offerings and minimize default rates by assessing real-time financial data from borrowers. Abound’s growth is significant, having issued over £650 million in loans since its inception in 2020. Co-founders Gerald Chappell and Dr. Michelle He emphasize the broad adoption of open banking technology and indicate plans for global expansion. The firm turned profitable in April 2024, reflecting its rapid success and strategic funding approach.
Sectors
- FinTech
- Banking
Geography
- United Kingdom – Abound is a London-based company offering its consumer credit services primarily within the UK.
Industry
- FinTech – Abound operates in the FinTech sector, which involves leveraging technology to improve and automate financial services.
- Banking – The deal with Deutsche Bank highlights the role of traditional banking institutions in financing and supporting innovative financial services.
Financials
- £250m – New financing secured by Abound from Deutsche Bank.
- £1.6bn – Abound's total lending capacity after the new financing.
- £650m – Total loans issued by Abound since 2020.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Abound | Target Company | Company | An AI-powered credit technology firm focused on providing consumer loans. |
| Deutsche Bank | Financing Partner | Company | A leading global bank providing the £250m financing to Abound. |
| Gerald Chappell | CEO | Person | Co-founder and CEO of Abound. |
| Dr. Michelle He | COO | Person | Co-founder and COO of Abound. |
| Citi | Existing Funder | Company | An existing funding partner of Abound. |
| Waterfall Asset Management | Existing Funder | Company | An existing funding partner of Abound. |
| LuminArx | Existing Funder | Company | An existing funding partner of Abound. |