UK-based credit scoring company Credit Kudos has has closed its GBP 5 million Series A funding round.
The investment was led by AlbionVC with participation from TriplePoint, Plug & Play Ventures as well as existing backers Entrepreneur First and Ascension Ventures. A number of fintech angel investors also participated including Christian Faes (LendInvest), Tom Stafford (DST Global Managing Partner), Charlie Delingpole (ComplyAdvantage and MarketInvoice), Will Neale (Grabyo & Fonix Mobile) and Daniel Gandesha (PropertyPartner).
Credit Kudos says it is the first challenger credit bureau to use open banking to replace traditional, credit assessment processes. This allows lenders to provide credit to borrowers who would have previously been declined or overlooked.
In 2019 the company expanded its client base, adding over 50 new lenders ranging 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.
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