UK fintech raises £800M for AI that determines how much money you can borrow

An AI scanning your bank transaction data entails a level of invasiveness that I find difficult to accept — let alone embrace for my own transaction information. But the technology could bring merits, at least in the lending world. Enter Abound. The London-based startup has just raised £800mn for its lending platform that uses AI to determine loan amounts. Dubbed Render, Abound’s AI analyses customers’ full bank transaction data (from income to spending details) to understand their individual financial situation — unlike traditional credit checks. Render then calculates the amount of money customers are able to pay back each month.…

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