AlbionVC leads a £5m Series A in Credit Kudos
New, by AlbionVC
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Calling itself a “challenger credit bureau,” Credit Kudos is using open banking to replace what it calls “traditional, narrow methods” of credit assessment in order to make credit fairer and more accessible. As it stands, credit scores are typically a blackbox and based on very primitive assumptions about a person’s financial health.
By securely analysing bank account data via open banking, Credit Kudos says it enables lenders to make faster and more informed credit decisions, while also reducing defaults — and, crucially, at a significantly lower cost than less scalable methods of assessment.
Ed Lascelles, from AlbionVC, takes up a seat on the Credit Kudos board alongside the company’s co-founders Freddy Kelly (CEO) and Matt Schofield (CTO).
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