Credit Kudos, a London, U.K.-based provider of an open banking platform providing accurate credit scoring, raised £5m in Series A funding.
The round was led by AlbionVC, with participation from TriplePoint, Plug & Play Ventures, Ascension Ventures’ Fair by Design fund, and Entrepreneur First (EF) and angels including Christian Faes (LendInvest), Tom Stafford (DST Global Managing Partner), Charlie Delingpole (ComplyAdvantage and MarketInvoice), Will Neale (Grabyo and Fonix Mobile) and Daniel Gandesha (PropertyPartner). In conjunction with the funding, Ed Lascelles, from AlbionVC, joined the Credit Kudos board.
The company intends to use the funds to continue to expand operations and its business reach. Co-founded by Freddy Kelly (CEO) and Matt Schofield (CTO), Credit Kudos is credit bureau which uses open banking to replace traditional methods of credit assessment and enable lenders to make more informed credit decisions, reduce defaults, and improve affordability assessment. In 2019, the company expanded its client base, adding over 50 new lenders ranging from FTSE100 firms to independent credit unions and community finance vendors. In recent months, Credit Kudos has become the chosen partner for credit intermediaries including ClearScore, CarFinance 247, and Mojo Mortgages, allowing customers to use their bank data to secure better offers across unsecured loans, car finance and mortgages.