Osborne Clarke advises on AI-led fintech Abound's £800m funding round

International law firm Osborne Clarke has advised Abound, the consumer arm of Fintern Ltd, one of the UK's fastest growing fintechs that uses AI and Open Banking to provide more accurate and affordable loans, on its most recent financing round which in aggregate could extend up to £800 million and expands total funding up to £1.3 billion.

The fundraising is one of the largest so far in Europe this year and is a mixture of debt and equity, including a multi-year asset backed debt financing arrangement from existing financier Citi and a Series B equity round component led by Silicon Valley-based GSR Ventures. Abound will use the new funding to expand into prime lending in the UK, and to roll-out Render, its proprietary AI credit technology platform, globally.

Abound is leading the use of Open Banking and AI in consumer credit decisioning. It's AI technology, Render, scans customers’ bank transaction data to understand each person’s unique financial situation and determine how much they can afford to repay each month. Abound's mission is to drive financial inclusion by changing the way that credit decisions are made so that more people can access loans at rates they can afford to repay.

The cross-service line Osborne Clarke team assisting Fintern was led by Partners Tom Bussy and James Taylor with Senior Associates Joe Roberts and Adam Turner, and Associates David Morgan and Olivier Jacquelin from the firm's Corporate and Banking and Finance teams. The fundraising marks the latest chapter in Osborne Clarke's and Abound's long-term relationship, with the Osborne Clarke team having also advised on Abound's £500m funding round last year.

Osborne Clarke's international financial services sector team advises clients ranging from start-ups, scale-ups/growth businesses and FinTech unicorns to challenger banks, payments, retail and consumer finance, platforms, large corporates and institutions as well as lenders, investors and industry bodies and regulators. Osborne Clarke's international venture capital team is also a go-to practice for companies operating in tech-enabled industries for their entire growth journey. Osborne Clarke's dedicated resource centre, OC Ventures, brings together experts from across our international network to deliver a holistic seamless service to clients throughout the ventures ecosystem.