Abound

About Abound

Fintern is a UK-based fintech startup that is revolutionizing the consumer credit decision-making process. The company uses artificial intelligence (AI), open banking, and alternative data to provide a more comprehensive and fair evaluation of a person's creditworthiness, moving beyond traditional credit scores.

Fintern operates in the consumer finance market, serving both consumers seeking affordable loans and lenders looking for a more accurate credit decisioning tool. The company operates two businesses: Abound and Render. Abound is a consumer lending platform that offers unsecured personal loans up to £10,000 to underserved customers in the UK. Unlike traditional lenders that rely solely on credit scores, Abound considers a borrower's income, spending habits, and remaining balance to make lending decisions.

Render, on the other hand, is an AI-powered credit decisioning platform that uses real-time bank transaction data to provide a more accurate and fair credit assessment. This platform allows lenders to make better-informed decisions, thereby expanding access to affordable credit.

Fintern's business model is based on providing affordable loans through Abound and offering the Render platform to other lenders. The company generates revenue from the interest on loans provided through Abound and from the fees charged to lenders using the Render platform.

Fintern's innovative approach has proven effective, with Abound achieving a 70% reduction in default rates compared to market expectations. This demonstrates the potential of Fintern's technology to expand access to affordable personal finance and disrupt the traditional consumer credit market.