A London technology firm, striving to enhance consumers’ credit acquisition prospects using technologies like artificial intelligence, has successfully raised $11 million (£8.4m) in funding.
This recent influx of capital aims to bolster the company’s credit assessment services, which predict borrower behaviours more accurately than traditional credit histories.
Innovative Credit Assessment
A London-based technology firm, focusing on improving credit acquisition prospects for consumers through the use of advanced technologies including artificial intelligence, has successfully raised $11 million (£8.4m) in funding. This funding milestone is intended to boost the company’s innovative approach towards credit assessment.
Funding Details
This sizeable financial support highlights the market’s recognition of the company’s potential and the anticipated importance of its services in credit evaluation.
Company Background
Its credit assessment service aims to present a more accurate picture of borrowers’ future behaviour, rather than relying solely on an extensive credit history, thereby increasing credit approvals by up to 19 per cent.
Notable Collaborations
These collaborations serve to validate the effectiveness and reliability of their credit assessment methodology.
Statements from Leadership
He added that the recent funding is a significant milestone, showcasing market attention and support from influential credit bureaus.
Investor Perspective
Visvanathan underscored the company’s role in fundamentally changing the credit decisioning industry, expressing pride in supporting its new phase of growth.
Future Prospects
Aire aims to extend its services into new markets like the United States, and break into new sectors, leveraging this financial boost for broader impact.
The $11 million funding marks a pivotal moment for the London AI FinTech firm, promising accelerated growth and broader market penetration.
This strategic boost is expected to enhance their innovative credit assessment services, making a substantial impact on the industry.