Credit Kudos, which uses Open Banking to make credit checks more accessible, has raised £5 million in a Series A funding round.
The London-based startup analyses bank account data to let lenders make faster, more informed credit decisions, reduce defaults, and improve affordability assessment.
The investment was led by AlbionVC, alongside a consortium of tech investors including TriplePoint, Plug & Play Ventures, Ascension Ventures’ Fair by Design fund and Entrepreneur First.
Investing alongside them were 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).
As part of the investment, Ed Lascelles, head of technology investment at AlbionVC, will also be joining the Credit Kudos board, alongside the company's co-founders Freddy Kelly and Matt Schofield.
In 2019, the company expanded its client base, adding over 50 new lenders. In recent months, it 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.
Freddy Kelly, chief executive of Credit Kudos, said: “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.”
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