The funding consists of a multi-year asset-backed loan financing agreement with current backer Citi, with the Series B equity portion lead by Silicon Valley-based GSR Ventures.

The company raised an additional £500 million in debt and equity funding last year, which was augmented by the recently completed deal.

Abound, which was founded in 2020 by Gerald Chappell and Dr. Michelle He, asserts that it provides borrowers with “more affordable loans” than traditional lenders and has disbursed more than £300 million in loans thus far.

This year, Abound intends to expand its staff from 65 to 130 employees and use the additional capital to enter the UK prime lending sector.

The lender will also use the funding infusion to expand Render, its in-house AI-powered credit technology platform, around the globe.

According to Abound, Render uses consumers' open financial data to swiftly assess their borrowing capacity, enabling businesses to make "smarter credit risk decisions" and serve a wider range of clients, including those who are "credit invisible."

Chief executive officer Gerald Chappell said the latest funding round "speaks to the confidence investors have in our business to keep growing."