British credit assessment service Aire has raised an additional $11m in a Series B funding round led by Crane Venture Partners.

The funding round was also joined by Experian Ventures and Orange Digital Ventures.

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Aire’s existing investors White Star Capital and Sunstone Capital also joined the latest funding round.

Credit assessment service of Aire

Aire focuses on delivering better credit insights to the lenders and help in the identifying the risks associated with new and existing customers.

Regulated by the Financial Conduct Authority, it works with large scale lenders and high street banks.

Aire said that it has scored $10bn across various consumer credit categories and supported 19% increase in credit approvals.

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With the new funding, Aire plans to fuel its growth and support its expansion in the US.

Aire co-founder and CEO Aneesh Varma said: “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.

“Since launching five years ago we have come a long way in bringing along the credit ecosystem: FCA regulation; scalable technology; proven uplift for lending partners; and funding.”

In July 2017, the company raised $5.5m in the Series A round.

Commenting on the investment, Crane Venture Partners founding partner Krishna Visvanathan said: “Aire’s unique contextual decisioning methodology combines direct consumer engagement, new data sources and its dynamic algorithmic model to provide lenders with a better way to evaluate and make credit decisions.

“Aire is yet another great example of a category-leading enterprise software company formed in Europe that is fundamentally changing an industry, and we are proud to support its new phase of growth.”