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.
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.
Retail consumers & financial institutions
Partnered with banks, lenders and other financial institutions.
Aire leverages machine learning to generate a credit score based on the character and capacity of applicants.
During an online interview,
Techstars, Mahdi Shariff, Peter Jackson, Barclays Accelerator, SparkLabs Global Ventures, Andrew Mullinger, Tom Glocer, Accion Venture Lab, Chris Adelsbach, Sunstone Capital, White Star Capital, Tom Glocer
Aneesh Varma(CEO), Tim Kimball(CTO); Jonathan Bundy(COO)
VALUATION / MARKET CAP:
$13.33 MM in 2016
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).
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company is planning to use recent raised funds for expansion in North America.
SEED & PRIOR FUNDING:
SEED CLOSED ON:
$5 Millions Closed: Jul 2017
Venture funding: $2 M(Oct 2016).
The company has received strategic investment from the Accion lab in Apr 2016.