Abound, the British personal lending FinTech, has announced a fundraise of over £500 million.

The FinTech says it uses AI and Open Banking to provide more accurate and affordable loans and is currently able to offer loans between £1,000 and £10,000.

The latest funding brings Abound’s total fundraising to £570 million, with the company predicting it will be on track to have £1 billion on its balance sheet by 2025.

The funding will be used to expand the number of customers Abound lends to, grow its headcount, and pave the way towards allowing other banks and lenders to make use of its technology.

The funding round was comprised of debt and equity financing from investors including Citi, GSR Ventures, and Hambro Perks.

Gerald Chappell, chief executive and co-founder of Abound, said the funding was a “testament to the demand and success” of its service.

“Abound has gone from strength to strength since we first launched and we’re excited for the next stage of growth as we look to capitalise on the strong foundations we’ve embedded with customers, and to revolutionise lending forever,” he said.

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