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Credit Kudos secures £5 mn in Series A funding to boost product development

Freddy Kelly, CEO of Credit Kudos

UK-based challenger credit bureau and open banking provider, Credit Kudos announced today the closure of a £5 million Series A funding round led by AlbionVC along with the participation of TriplePoint, Plug & Play Ventures, Ascension Ventures’ Fair by Design fund, and Entrepreneur First. The series was also joined by fintech angels Christian Faes (LendInvest), Tom Stafford (DST Global Managing Partner), Charlie Delingpole (ComplyAdvantage and MarketInvoice), Will Neale (Grabyo & Fonix Mobile) and Daniel Gandesha (PropertyPartner).

The funds raised are expected to assist the FinTech in speeding up the development of new products, boost its fiscal expansion into other markets and enhance the expertise within its team. Ed Lascelles from AlbionVC will join the FinTech’s board alongside the company’s co-founders Freddy Kelly and Matt Schofield.

Freddy Kelly, Founder and CEO of Credit Kudos, commented, “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.”

Recently, Credit Kudos won the Affordable Credit Challenge, which was run by Nesta Challenges and HM Treasury. The FinTech, last year, rapidly expanded its client base, adding over 50 new lenders ranging from FTSE100 firms to independent credit unions and community finance vendors. IBS Intelligence also reported that the FinTech was selected by banking platform provider Yobota as its open banking credit bureau.

Ed Lascelles, Partner at AlbionVC, said, “The credit assessment sector has been crying out for change, and now new technologies and practices such as open banking have made this possible. We are extremely impressed by the meteoric rise of Credit Kudos, the exceptional people they have right across the business, and their use of innovative new fintech to disrupt the current sector. We look forward to supporting them as they continue to transform the fortunes of millions of people previously financially excluded by the outdated, traditional credit assessment model.”

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