Abound, a UK-based digital lender, raised GBP 800 million (~USD 1 billion) in a mix of debt and equity funding. The debt financing was arranged with existing financier Citi, while the Series B equity round was led by GSR Ventures. This brings Abound's total funding to USD 1.7 billion.

The fresh funds will be used to expand Abound's prime lending business in the UK and roll out its proprietary AI credit decision-making platform, Render, globally. Render scans customers' banking data to determine affordable loan amounts, resulting in 75% fewer defaults than industry standards.

Abound claims to have reached profitability in just three years after launch. To date, it has issued over GBP 300 million in loans and plans to double its team from 65 to 130 employees this year.

Analyst QuickTake: The company’s previous funding round took place in March 2023, when it raised GBP 500 million (~USD 600 million) in equity and debt to expand its loan books and recruitment and develop its B2B offering.