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The rise of challenger lenders: London-based Koto seals £1.3M for UK debut, over 12M users can now get credit easily

Koto

UK-based credit provider startup Koto is making its debut today, after raising a notable funding amount of £1.3 million. The startup is an FCA authorised credit provider that aims to help the UK’s 12 million, and growing, consumers that require better credit options to meet their financial needs. In a conversation with UKTN, the company’s CEO, Rob Escott, reveals more about the startup, ongoing trends in the fintech space and more. 

Expansion on the cards

With the latest funding, Koto aims to acquire its first 50,000 users in the UK. Additionally, the company uses proprietary algorithms which are used in multiple areas. The funding will be used for training its AI-powered credit risk systems, expanding the company’s operational capacity, refining its UK marketing, and as mentioned, adding new hires to its team. 

Koto has about 10 people working at its UK office while the teams are larger at its Dnipro and Ukraine bases. “The team in Ukraine is super-talented, having built the technology and data science behind Monobank, Ukraine’s fastest growing bank with 3 million customers acquired over the last 3 years. Our UK team will grow in the next couple of years as we welcome more customers, in particular in finance, compliance and product,” says Escott. ...

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