UK-based fintech firm Credit Kudos has raked in £5m ($6.2m) in Series A funding round to deliver more accurate credit scoring.
The funding round was led by AlbionVC and was also joined by the company’s existing investors Graham Lund, John McAndrew and Adrian Mitri.
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The funding round also saw participation from new fintech investors like TriplePoint, Plug & Play Ventures, Ascension Ventures, and Entrepreneur First.
Additionally, the angel investors from LendInvest, DST Global, ComplyAdvantage and MarketInvoice, Grabyo & Fonix Mobile and PropertyPartner pitched in.
Credit Kudos is the first challenger credit bureau which uses open banking for a credit assessment to make credit fair, and accessible to all.
The challenger bureau analyses bank account data to make better credit decisions, reduce defaults, and make credit affordable.
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By GlobalDataThe bank data has been allowing several lenders to provide credit to underserved borrowers who may have turned to costly credit providers.
Last year, the firm added more than 50 new lenders to its portfolio, which included FTSE100 firms, independent credit unions, and community finance, vendors.
Credit Kudos founder and CEO Freddy Kelly said: “We believe open banking will soon be the standard for credit assessments and, as the first regulated Credit Reference Agency with the capability to measure creditworthiness using open banking data alone, we are in a fantastic position to provide a service that is needed now more than ever.”
