Abound Raises $601M in Debt and Equity for Open Banking Lending API

Abound, a UK-based open banking loans platform, announced a substantial £500M ($601M) funding package combining debt and equity to supercharge its consumer lending business. The debt facilities were provided by Citi and Waterfall Asset Management, while equity investors included K3 Ventures, GSR Ventures, and Hambro Perks. Abound uses open banking APIs to access real-time financial data for credit decisioning, enabling faster and more accurate consumer loan underwriting.

The platform offers lending-as-a-service capabilities through its API, allowing partners to embed consumer credit products into their own offerings. This round builds on previous funding of $11M in equity and $60M in loan facilities, representing a significant scale-up of the business. The large debt component reflects confidence in Abound's loan book quality and underwriting models.

The funding will support expansion of lending volumes and potentially new product lines within the UK consumer credit market. TechCrunch reported the deal as a major milestone for open banking-powered lending infrastructure.