Abound, a UK-based AI-driven credit technology firm, has secured a credit facility of up to £250 million from Deutsche Bank, Germany's largest bank.

Founded in 2020 by Gerald Chappell and Dr Michelle He, Abound claims to differ from traditional lenders by taking a "holistic look" at a borrower's "whole financial situation" rather than relying on credit scores.

The firm’s AI-powered cashflow underwriting platform, Render, utilises open banking insights to provide an understanding of each customer's financial health and affordability. Abound offers loans between £1,000 and £20,000 for up to five years, with approvals granted within 24 hours.

The Deutsche Bank facility, which Abound describes as a key move to diversify its funding base, will help expand the company’s consumer loan offerings and has boosted the fintech's total lending capacity to £1.6 billion.

CEO Chappell notes that Abound is "perfectly poised" to replicate "what’s worked in the UK" globally, as "more and more countries around the world adopt open banking".