Aire Team picture June 2017_9

FinTech startup Aire has raised a $5m Series A led by Sunstone Capital and featuring support from White Star Capital.

The London-based company, which provides a service that helps lenders understand and score credit applicants, raised a $2m funding round back in October 2016.

Aire’s products help lenders and high-street banks better understand a wide range of credit applicants, many of whom have thin-file credit histories such as first-time borrowers and self-employed or freelance workers.

Aneesh Varma, founder and CEO of Aire, said his firm believes people should have equal opportunities when it comes to accessing financial products.

“This new funding round is strong vindication that we are making the right progress towards that goal,” he added.

“The last year has been exceptionally positive with the FCA authorisation, new partnerships, increasing data volumes and now the funding to go into new markets. We are keen to bring Aire to as many people as we can, so there is still a busy time ahead of us on this mission,” Varma concluded.

Yacine Ghalim, principal at Sunstone Capital, said: “Aire is a perfect example of the type of AI-enabled companies we have been looking for: vertically focused, having direct access to a proprietary dataset, addressing a high-value industry problem by using machine intelligence to extend the shortfalls of human experts.”

He went on to say Sunstone has a growing interest in companies operating in regulated spaces.

For all the latest UK tech funding announcement data, check out the Tech City News Investment Tracker.