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Feb. 4, 2019
Aire, a fintech that uses machine learning to create more equitable credit scoring methods for consumers, has raised $11 million in Series B funds led by Crane Venture Partners, Experian Ventures and Orange Digital Ventures, according to a press release.
Existing investors White Star Capital and Sunstone Capital also participated in the round.
The funding will help pay for expansion into the U.S., and investment in the company’s credit insight engine.
"Aire is built on the premise that empowering consumers to play an active role in their credit assessment is the only way to give lenders a comprehensive view with which to make a decision," said Aneesh Varma, co-founder and CEO of Aire, in the release.
The company stated 1.7 billion people lack access to formal financial services. In the U.S., one in 10 consumers are considered "credit invisible" because they have no credit record, and half of consumers feel held back by weak credit scores, according to the release.
Aire has focused heavily in mobile initiatives to expand credit, through its Orange Bank in Europe and Orange Money in Africa.
Aire officials said two years after getting formal approval from the Financial Conduct Authority, the firm has grown from two employees to 40 and has scored more than $10 billion in credit across various forms. The firm has also entered alliances with Toyota Financial Services and online retailer N Brown.
Topics: Financial News, Mobile Banking
Companies: Aire
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Feb. 4, 2019
Bud Financial Ltd., a London-based fintech with open banking technology that allows rival apps to interact with each other, has raised $20 million in Series A funds from a group led by HSBC and Goldman Sachs, according to a blog post from Co-Founder Edward Maslaveckas.
Beyond the lead investors, participants in the funding include Banco Sabadell, ANZ, Investec and venture firms 9Yards Capital and Lord Fink, the former CEO of hedge fund Man Group.
Maslaveckas called the investment "proof that we're going in the right direction."
Bud has 85 providers ready to operate through the platform and the company has grown from an initial two employees to 70 employees. The firm is on pace double in size by the end of 2019, according to the blog post.
Topics: Financial News, Mobile Apps, Mobile Banking, Technology Providers
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