Abound, a fintech startup based in London, reported a 25-fold increase in profits, reaching £7.5 million for the year ending February, up from £300,000. Revenues rose by 151% to £66.8 million, supported by growth in direct-to-consumer lending and B2B technology. The company, founded in 2020, utilizes AI to analyze bank transaction data, determining borrowers' repayment ability without traditional credit scores. It serves underserved borrowers and licenses its AI engine across Europe. Having provided over £900 million in loans, Abound's performance stands out in the fintech space amidst broader industry challenges.
Abound reported net profits of £7.5 million, a 25-fold increase from the previous year's £300,000, reflecting the growth of its AI-powered loans platform.
The company focuses on borrowers underserved by high street banks, using AI to assess affordability through analysis of customers' bank transaction data.
Chappell stated that Abound's results demonstrate that AI-driven affordability assessments can provide better customer outcomes and robust profitability.
With over £900 million in loans disbursed and £1.6 billion secured in debt funding, Abound's growth signifies a bright spot in the UK's fintech scene.
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