Getting a loan can be a hassle, but it doesn’t necessarily have to be that way. With startups such as Fintern, one can get credit with just a few taps. The London-based company uses a different approach for figuring out who is eligible for a loan, which it claims ensures more people get to take a credit when they need it. The company has now raised a notable £32 million in a new funding round, which will help expand its services.
In a conversation with UKTN, the company’s CEO Gerald Chappell reveals more about the company’s plans, what it intends to do with the funding and more.
Expanding eligibility
Typical lenders rely on the credit score system to decide whether a loan can be disbursed or not. Fintern, on the other hand, makes a decision by employing Open Banking and AI to analyse their customer’s data. Users simply need to connect their bank account within their app, after which AI analyses their incomings and outgoings and pairs this info with their current debt obligations and repayment history, if relevant....