FinTech LIVE: Interview with Michelle He, Abound

On 22 and 23 October 2024, FinTech LIVE continued to expand its global event series by hosting a two-day hybrid conference that enhanced connections between the world’s leading fintech executives - FinTech LIVE London Global Summit.

Throughout the event, attendees had the opportunity to engage in a range of keynote presentations and panel discussions that explored the key discussions in our industry, such as the importance of sustainability and the rise of AI. 

Crafted to accelerate the shift to digital-first financial services, FinTech LIVE London Global Summit served as an ideal platform for executives to share thought leadership on trends like embedded finance, cybersecurity and open banking. 

Here, we recap our exclusive FinTech LIVE London interview with Michelle He, Co-Founder and COO at Abound. 

Are credit scores outdated? How AI is making lending fairer?

“The traditional credit score has been there for many years. 

“Currently most, if not all, banks are still relying on it but there are still so many limitations of how the credit score works.

“It doesn't really score a lot of the population in an accurate way - on average it is right, but it’s wrong for every single person.

“I have seen this problem for many years for my personal experience and for my professional experience. 

“So, four and a half years ago, I decided to set a change by building a very different accredited technology which uses open banking and AI to focus on the customer's affordability rather than focus on their history.”

Talk us through the journey you went through when funding Abound.

“We founded the company four and a half years ago at the beginning of Covid because we strongly believe that there's a better way to lend than using traditional credit score. 

“So, we built an innovative technology which applies open banking and AI to really focus on customer’s cash flow analysis and affordability.

“So far, although it's a very short journey, we have helped a lot of people.

“We have lent over 500 million in total so far with a very impressive performance. 

“We built a profitable fintech two and a half years after we launched the business and we raised 1.3 billion in total to scale the business. 

“But I feel like this is only a start because the problem itself is very big - it’s global. We have an ambition to help a lot of people - starting in the UK - and then to help even more people globally in the future.”

What goals and aims do you have for Abound in the near future?

“We have been doing pretty well in the UK by directing lending to the customers and we are also empowering other lenders in the UK to make better decisions, 

“So, we are now working on the global expansion of partnering with more lenders in the financial institutions outside the UK to help them make better decisions to swap the credit scoring approach that has excluded so many people in the world of having access to affordable loans

“Our mission is to expand access to affordable loans.”

Essential diary dates for 2025

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2025 diary dates:

• FinTech LIVE Singapore | 25 February 
• FinTech LIVE Dubai | 6 May
• FinTech LIVE New York | 17 June
• FinTech LIVE London | 7-8 October
• The Global FinTech Awards | 7 October

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