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Fintern raises £32m to expand access to affordable loans in the UK
On the back of their public launch in March, London-based startup Fintern has announced that it has raised £32m in equity and debt funding.
Abound Team
April 15, 2021

The equity funding comes from a variety of angles, including several fintech founders and business leaders. Debt financing will be provided by Hamburg-based fintech financier Varengold Bank. This provides Fintern with the capital necessary to take the first step in its mission to provide £1b of consumer loans by 2025.15m people across the UK struggle to borrow for unexpected costs with many of them forced to turn to payday and other high-cost lenders. With this new funding, Fintern will be able to open up access to affordable loans, helping many avoid often unshakable debt spirals. Unlike other lenders who simply rely on a credit score to make a decision, Fintern takes a more holistic approach by looking at each customer's entire financial situation - incomings, outgoings, current repayments and repayment history. They do this by leveraging Open Banking and AI to analyse their customers' transaction data, allowing them to open up affordable lending to a much wider audience in the process. To apply for a loan, you simply need to download the Fintern app (available on both iOS and Android), connect your bank account and select the amount you'd like to borrow. From there, Fintern's AI takes over to assess affordability and decide whether or not to offer a loan. Fintern currently offers loans of £500-£5,000 for durations of up to three years with a variable APR of 18.8%.

Gerald Chappell, Fintern CEO and Co-founder commented "This fundraising puts Fintern in a strong position to deliver on our mission to increase access to affordable personal credit. Our distinctive data-driven approach to lending allows us to bypass credit scores, increase approval rates and lower APRs. We're delighted to be partnering with Varengold Bank on the funding of our loan book, benefiting from their deep experience and commitment to Fintech lending innovation."

Alison Harwood, Head of Varengold's London Branch, had this to say: "We're thrilled to be partnering with Fintern to provide wider access to affordable borrowing in the UK. This is another example of Varengold's wider mission to support fintech across Europe in providing innovative, customer-centric lending products. Both Varengold and Fintern are passionate about changing the consumer lending landscape in the UK and we're excited to be working together towards that goal."

About Fintern: We're on a mission to make affordable loans available to more people. Some lenders only look at your credit score. We look at all of you – what you earn, how you spend, and what's left at the end. And we make sure it's easy, open and affordable – every step of the way. So, whether you're borrowing for the first time, consolidating debts, or building up to something big – we'll help you get there. We use Open Banking and AI to make better lending decisions. Better decisions mean better rates. And we're the best rate a customer sees 49% of the time.

Fintern was founded in 2020 with a team from McKinsey, EY, Bank of America Merrill Lynch, HSBC and Xiaomi. We're authorised and regulated by the Financial Conduct Authority, firm reference number 929244, a member of Cifas (the UK's leading anti-fraud association) and registered with the UK Information Commissioner's Office in compliance with the Data Protection Regulations 2018.

About Varengold:

Varengold Bank is a German financial institution founded in 1995 and granted a full banking licence in 2013. In addition to its head office in Hamburg, the bank has presences in London and Sofia. Core business areas are Marketplace Banking and Commercial Banking. Within Marketplace Banking, the focus is on cooperation with European FinTechs, especially lending platforms.

Varengold Bank's service portfolio includes Funding, Debt and Equity Capital Markets products, Fronting Services for products subject to banking licence requirements and International Payment Services.

The Board of Managing Directors consists of Dr Bernhard Fuhrmann and Frank Otten, who –together with an approx. A 100-strong international team – continuously helps to drive the modernisation of the finance sector.
Varengold Bank is registered with the Federal Financial Supervisory Authority (BaFin) under 109 520 and its shares (ISIN: DE0005479307) have been listed on the Open Market of the Frankfurt Stock Exchange since 2007. For more information, see

Representative Loan Example: £2,000 loan repayable over 36 months. 36 monthly payments of £71.66. Rate of interest 18.8% p.a. (variable). Representative 18.8% APR (variable). The total amount repayable is £2,579.56. Credit is subject to your individual financial circumstances and borrowing history. Failure to keep up with repayments may impact your credit score and therefore your ability to access credit from other lenders in the future.

Press and Media Inquiries are

Sam Power, CMO
Phone: +44 7400 122 813

Varengold Bank AG
Sanja Schultz-Szabo, Head of Corporate Development,
Phone: +49 66 86 49 0,