Aire

lendingcredit scoringartificial intelligence/machine learning

FOUNDING YEAR: 2014
LOCATION: United Kingdom
Last Update: 17/07/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!

About

Aires credit insight engine makes credit fairer for consumers, and more valuable to lenders.We believe that context improves credit decisions. So when a customer isnt catered for by a traditional credit bureau, we offer a second chance inviting customers to tell us about themselves.

MEDICI Analysis

Aire Labs provides an alternate credit score for users who are incorrectly classified because they have no credit history. It enables users to qualify for essential financial products. The company offers flagship product Aire virtual interview is a customer questionnaire platform that allows users to enter their information in the application and generates a credit score for them, especially users with no prior credit history. Aire has recently received authorisation from the Financial Conduct Authority (FCA) to operate in the UK. Currently, the company is planning to start operations in North America as of Mar 2017.

Focus

PRODUCTS & SERVICES

Customer behavior activity based credit scoring platform for banks & other financial institutions. Aire Virtual Interview - It is a credit scoring platform which provides full stack application and evaluated through machine learning. The platform collects and validates applicant-provided data to evaluate profession, education, and financial knowledge. It also provides APIs to lenders, to be integrated with their systems, to provide credit scores of the applicants applying for the loans on their platform. Aire's credit score engine helps thin-file customers including young adults, self-employed individuals, legal migrants and new borrowers to qualify for essential financial products and build their credit histories.

MAIN CLIENTS

Retail consumers & financial institutions

EXISTING PARTNERSHIPS

Partnered with banks

lenders and other financial institutions.

COMMENT

Aire leverages machine learning to generate a credit score based on the character and capacity of applicants. During an online interview,

Traction

VALUATION / MARKET CAP:

$13.33 M in 2016

TRACTION COMMENT:

Currently, the company focused on partnerships with lenders in personal loans and credit cards but has plans to expand to broader financial products(Sep 2016).

People

FOUNDERS

Aneesh Varma

Jon Bundy

Dr. Srini Sundaram

BOARD MEMBERS AND ADVISORS

Peter Jackson

Jonathan Bundy

Aneesh Varma

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Accion

Accion Venture Lab

Andrew Mullinger

Barclays Accelerator

Chris Adelsbach

Heartcore Capital

Mahdi Shariff

Peter Jackson

SparkLabs Global Ventures

Sunstone Capital

Techstars

Tom Glocer

White Star Capital

KEY EMPLOYEES:

Aneesh Varma(CEO)

Tim Kimball(CTO); Jonathan Bundy(COO)

Momentum

FUNDED

YES

TOTAL FUNDING

$19.1 M

DATE OF LAST FUNDING

Mar 2019

TOTAL FUNDING COMMENT

The company is planning to use recent raised funds for expansion in North America.

SEED & PRIOR FUNDING

$1.1 M

SEED CLOSED ON

Jan 2015

FUNDING SERIES

SERIES A  · $5 M  · Jul 2017

SERIES B  · $11 M  · Feb 2019

OTHERS  · $2 M · Oct 2016

LISTED

NO

COMMENT

Venture funding: $2 M(Oct 2016). The company has received strategic investment from the Accion lab in Apr 2016.

Innovation Programs

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp