Challenger credit bureau Credit Kudos has raised £5 million in a funding round led by Albion VC.
The Series A funding included participation from a consortium of fintech and tech investors such as TriplePoint, Plug & Play Ventures, Ascension Ventures’ Fair by Design fund, and Entrepreneur First. Investing alongside are fintech angels Christian Faes of LendInvest, DST GLObal managing partner Tom Stafford, Charlie Delingpole of ComplyAdvantage and MarketInvoice, among others.
Credit Kudos uses open banking data to measure financial behaviour and replace traditional, narrow methods of credit assessment, enabling lenders to provide credit to borrowers who would have previously been declined or overlooked.
In 2019 the company expanded its client base to over 50 new lenders and struck deals with financial intermediaries such as ClearScore, CarFinance 247, and Mojo Mortgages, allowing customers to use their bank data to secure better offers across unsecured loans, car finance and mortgages.
Freddy Kelly, founder and CEO of Credit Kudos comments: “We believe Open Banking will soon be the standard for credit assessments and, as the first regulated Credit Reference Agency with the capability to measure creditworthiness using open banking data alone, we are in a fantastic position to provide a service that is needed now more than ever."