UK-based credit assessment technology developer Aire has collected $11m in a series B round that included the corporate venturing units for credit scoring services provider Experian and telecommunications firm Orange.
Experian Ventures and Orange Digital Ventures were joined in the round by venture capital fund White Star Capital and VC firms Crane Venture and Sunstone Capital.
Founded in 2014, Aire is working on a credit assessment tool that helps lenders identify the risks associated with new and existing customers by analysing data to predict how they will behave in the future.
The platform, which has been approved by the Financial Conduct Authority (FCA), uses virtual interviews and machine learning technology to create personalised credit scores based on factors such as career and lifestyle.
The company has secured partnerships with financial institutions such as Toyota Financial Services and online retailer N Brown as well several banks.
Proceeds from the series B round, which comes after Aire closed a $5.5m series A round co-led by White Star Capital and Sunstone Capital in July 2017, will be used to adapt its technology for new sectors and markets including the United States.
Aneesh Varma, co-founder and chief executive of Aire, said: “Today’s announcement is a significant milestone in the Aire journey and showcases how much the market is paying attention, with the support of the largest credit bureau.
“This series B funding is allowing us to push the Aire philosophy further into new markets, such as the US, as well as new sectors.”