Credit scoring company Credit Kudos raises £5M
London-based Credit Kudos announced it has raised £5 million in a Series A funding round. The investment was led by AlbionVC with participation from TriplePoint, Plug & Play Ventures, Ascension Ventures’ Fair by Design fund, and Entrepreneur First.
Established in 2015, the challenger credit bureau uses open banking to replace traditional, narrow methods of credit assessment and make credit fair, and accessible to all. By securely analyzing bank account data, Credit Kudos enables lenders to make faster, more informed credit decisions, reduce defaults, and dramatically improve affordability assessment. This greater insight is allowing lenders to provide credit to borrowers who would have previously been declined or overlooked, and therefore might have turned to higher-cost providers.
In 2019 the company expanded its client base, adding over 50 new lenders. In recent months, Credit Kudos has become the chosen partner for credit intermediaries including ClearScore, CarFinance 247, and Mojo Mortgages, allowing customers to use their bank data to secure better offers across unsecured loans, car finance and mortgages.
“In these challenging times, it’s more important than ever that people have access to the right financial products. 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. I’m thrilled to be partnering with AlbionVC to take the company to the next stage of growth. The continued support of our investors in unprecedented market conditions is testament to the quality of our business and all the great people working at the company. With the FCA’s Credit Information Market Study on the horizon, the timing of this funding means we are now in an even stronger position to provide a real challenge to the incumbent credit reference agencies.” – Freddy Kelly, Founder and CEO of Credit Kudos.
