Aire, a London, UK-based AI-powered credit scoring startup, raised $5m in Series A funding.
The round was led by Sunstone Capital with participation from previous investor White Star Capital.
The company intends to use the funds to continue to develop its platform.
Led by Aneesh Varma, CEO, Aire provides an algorithmic credit scoring engine that emulates the human intelligence of underwriters to help people qualify for essential financial products.
The company’s machine-learning solution also provides companies with access to new markets while optimizing acquisition costs.
Aire API deploys into the existing web and mobile workflow of the online credit application forms of typical banks and lenders. It can also be emailed to customers to complete at a later date. Its screens can be fully branded to match the existing layout and styling of partners and fully responsive across desktop, tablet and mobile devices.
The company has won deals with P2P lending company Zopa and the UK subsidiary of Toyota Financial Services.