Award-winning fintech startup Credit Kudos has today announced the closure of a £5 million Series A funding to support its mission to make affordable credit accessible to all.
The investment was led by AlbionVC with participation from a stellar consortium of fintech and tech investors such as TriplePoint, Plug & Play Ventures, Ascension Ventures’ Fair by Design fund, and Entrepreneur First.
Investing alongside are fintech angels Christian Faes (LendInvest), Tom Stafford (DST Global Managing Partner), Charlie Delingpole (ComplyAdvantage and MarketInvoice), Will Neale (Grabyo & Fonix Mobile) and Daniel Gandesha (PropertyPartner). Ed Lascelles, from AlbionVC, will also be joining the Credit Kudos board alongside the company’s co-founders Freddy Kelly (CEO) and Matt Schofield (CTO).
Credit Kudos is the first challenger credit bureau which uses open banking to replace traditional, narrow methods of credit assessment and make credit fair and accessible to all.
By securely analysing bank account data, Credit Kudos enables lenders to make faster, more informed credit decisions, reduce defaults, and dramatically improve affordability assessment.
This greater insight is allowing lenders to provide credit to borrowers who would have previously been declined or overlooked, and therefore might have turned to higher-cost providers.
Freddy Kelly, Founder and CEO of Credit Kudos comments: “In these challenging times, it’s more important than ever that people have access to the right financial products. We believe open banking will soon be the standard for credit assessments and, as the first regulated Credit Reference Agency with the capability to measure creditworthiness using open banking data alone, we are in a fantastic position to provide a service that is needed now more than ever.
“I’m thrilled to be partnering with AlbionVC to take the company to the next stage of growth. The continued support of our investors in unprecedented market conditions is testament to the quality of our business and all the great people working at the company.”
Ed Lascelles, Partner at AlbionVC, said: “The credit assessment sector has been crying out for change and now new technologies and practices such as open banking have made this possible. We are extremely impressed by the meteoric rise of Credit Kudos, the exceptional people they have right across the business, and their use of innovative new fintech to disrupt the current sector.
“We look forward to supporting them as they continue to transform the fortunes of millions of people previously financially excluded by the outdated, traditional credit assessment model.”