Aire, a London-based fintech startup uses machine learning and artificial intelligence (AI) to create customised credit scores based on credit history, career, lifestyle and financial maturity of its customers. Further, the British startup provides virtual interviews and its API integrates into the already existing platforms.
In a latest move, this startup scored €9.6 million in a Series B funding round led by Crane Venture Partners along with Orange Digital Ventures and Experian Ventures. Aire was founded in 2014 by Aneesh Varma, Jon Bundy and Srini Sundaram. The startup lets lenders access more customers without actually increasing risk.
Focuses on expansion
This new funding amount will be used by the fintech startup to expand into new markets, especially to grow in the US. Also, the startup is in plans to invest in the technology that powers its credit insights engine and aims to make credit checking fairer for consumers. It also aims to make it more valuable for the lenders.
Deploys a smart system
At the backend, the Aire platform accesses data to provide instant outputs for its lending partners in real-time. The system is designed to be smarter over time and make performance data of outstanding loans available. In addition to machine learning, they are also working on other methods that will be useful.
Aire states that its algorithmic model has let it score over $10 billion credit across different consumer credit categories. It has also witnessed up to 19% increase in the credit approvals since its launch.
It is touted that since its launch, the London fintech startup has travelled a long way in the credit ecosystem including FCA regulation, proven uplift for lending partners, scalable technology and funding. The funding that it has received now is a significant milestone in the journey of Aire and showcases how much attention it has got in the industry.
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