£800m raise

Hunter invests in lender Abound’s funding round

Tom Hunter at Scottish Edge
Investor: Sir Tom Hunter

Sir Tom Hunter is among the backers of British lending firm Abound which is raising up to £800 million to accelerate its expansion.

The Scottish businessman is understood to have joined the funding round through his investment firm.

Other equity investors in the start-up lender include GSR Ventures, a Silicon Valley-based venture capital firm and Hambro Perks, a British investment group that backs early-stage businesses. Citigroup is providing a debt facility.

London-based Abound was founded by Gerald Chappell, its chief executive and a former partner at the consulting giant McKinsey, together with Michelle He, who was previously at Big Four accountancy firm EY. It targets borrowers who find difficulty obtaining credit from traditional high street banks.

It also supplies its AI-driven technology – Render – to other lenders in Europe. Its next set of accounts, for the year to the end of February, will show the firm has turned a maiden profit.

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