Open banking startup Abound nabs $601M to supercharge its AI-based consumer lending platform

After a slow start in the UK and Europe, open banking is catching on with fintechs, who are using APIs to access banking data and rails and using them as an alternative to traditional credit networks to build products.
Now, a UK-based consumer lending service called Abound is doubling down on its ambitions in the space with a big fundraise to fuel its own open-banking-based business. The startup has raised a whopping £500 million ($601 million at today’s rates) — money that it will be using to help finance loans, to bring more customers on to its platform, and to invest in its tech

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