Deutsche Bank commits £250M to British fintech Abound

Abound, a UK-based fintech firm specialising in AI-driven lending, has secured £250M in financing from Deutsche Bank.

This new funding will boost the company’s total lending capacity to £1.6B.

Abound leverages advanced credit technology to assess borrowers using real-time financial data via Open Banking insights, aiming to provide loans tailored to individuals’ unique financial circumstances.

By incorporating AI-driven cashflow underwriting through its proprietary platform, Render, Abound can reduce default rates and offer more competitive loan rates compared to traditional methods that rely on outdated credit scores and statistical averages.

The company achieved profitability just three years after its launch in 2024, a testament to the scalability and success of its technology. The company currently offers loans ranging from £1,000 to £20,000 with APRs between 8.0 percent and 29.8 percent, and repayment terms of up to eight years. 

Gerald Chappell, CEO and co-founder of Abound, said: *“This new facility from Deutsche Bank further evidences the power of our bank-transaction data led AI credit decisioning technology. Open Banking has become a mature and widely adopted technology in the UK, and is now used by nearly 20 million people. As more and more countries around the world adopt Open Banking, we’re perfectly poised to start taking what’s worked in the UK, global.”

Dr Michelle He, COO and co-founder of Abound, added: “Abound’s diversified funding strategy ensures resilience in the evolving credit market, as we continue to expand, and, increasingly, provide our technology to other lenders.”