London Fintech Startup Abound Achieves Profitability in Just Three Years with AI-Powered Loans and Smart Credit Assessments

Fintech firm Abound, based in London since its founding in 2020, has achieved profitability just three years after launching. The company’s AI technology analyzes customers’ financial situations using Open Banking Data and provides personalized loan repayment plans. This approach results in 75% fewer defaults than industry standards and has enabled the issuance of £300 million in loans since its start.

Abound is a subsidiary of Fintern Ltd, which also owns Render – the technology that powers Abound’s smart loans. Render is available as a B2B product for businesses seeking to improve their credit assessments or enter the lending market. Last year, Abound secured over £500 million in funding with the goal of reaching £1 billion on its balance sheet by 2025.

Gerald Chappell, CEO and co-founder of Abound, expressed pride in the company’s success, stating, “We originally built Abound to showcase the capabilities of our Render technology. We are thrilled to have not only demonstrated its effectiveness but to have also achieved profitability and established ourselves as a significant player in the London fintech sector.”