Aire, a London, UK-based credit scoring startup, raised a funding round of undisclosed amount.
Financial inclusion player Accion made the investment through its Venture Lab, a $10m initiative dedicated to providing seed capital and management support to startups that expand financial access to the poor and underserved.
The company intends to use the funds to start international expansion.
Co-founded by CEO Aneesh Varma, Mr. Jon Bundy and Dr. Srini Sundaram, Aire uses a proprietary artificial intelligence process to allow banks to lend to new, qualified borrowers. During an online interview, the company’s collects and validates applicant-provided data to evaluate profession, education, and financial knowledge. Lenders can then use this score to evaluate applicants and provide them with credit.
Launched in 2014, the company is backed by White Star Capital, SparkLabs Global Ventures and Techstars.