Experian joins £8m funding round for credit scoring startup Aire
Aire, a fintech startup bidding to make credit "fairer" for consumers, has raised £8.5million in a Series B funding round led by Crane Venture Partners and joined by Orange Digital Ventures and the venture arm of Experian.
London-based Aire is one of many fintech startups looking to upend the old-fashioned credit scoring system by using new technology and data.
The firm has created an API that financial institutions, retailers and others can integrate into their platforms, providing virtual interviews and using machine learning to create personalised credit scores based on things like financial maturity, career and lifestyle.
Since receiving UK regulatory approval, Aire has won deals with the likes of Zopa, Toyota Financial Services and online retailer N Brown, helping its clients to score over £7.75billion of credit and boost credit approvals by up to 19%.
With the new funding secured, the startup has set its sights across the Atlantic, planning a US launch, where one in ten are considered "credit invisible".
Aneesh Varma, CEO, Aire, says: "Today's announcement is a significant milestone in the Aire journey and showcases how much the market is paying attention, with the support of the largest credit bureau. This Series B funding is allowing us to push the Aire philosophy further into new markets, such as the US, as well as new sectors."