• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

‘Thin file’ loans startup Koyo closes $50M Series A led by Force Over Mass

September 8, 2021 by David Barret Leave a Comment

Koyo, a fintech startup using open banking to offer loans to people with poor credit histories, has closed a Series A funding round of $50m in debt and equity led by Force Over Mass, with participation from existing investors Forward Partners, Frontline Ventures and Seedcamp. New investors in Koyo include Force Over Mass, Matt Robinson (founder of GoCardless, founder of Nested), and angel investors from the banking and lending sectors.  It last raised $4.9 million in 2019. With many sectors of the population having racked up debts during the pandemic, Koyo is likely to benefit from this underclass of consumer, normally rejected by the main loans companies.

The startup says it uses Open Banking data (bank transactions), rather than credit agency scores to underwrite risk for lending to consumers. In other words, it looks at how customers spend their money on a day-to-day basis, rather than what a credit agency says about them. The idea is to offer attractive rates and cheaper borrowing to a usually underserved market, usually known as ‘thin file’ customers (short or no credit history) or ‘near prime’ customers. The near-prime market equates to c13-15m people in the UK.

Thomas Olszewski, Koyo’s founder and a former VC with Frontline Ventures in London and Cavalry Ventures in Berlin, said in a statement: “Koyo launched at the start of the global pandemic and has proven that innovative use of open banking data results in better risk decisioning and ultimately has enabled us to grow the business during one of the toughest economic times the UK has faced. I’m proud to have continued to give many people in the UK access to competitively priced credit, during a time where most traditional lenders were quick to scale back their lending.”

Filip Coen, Force Over Mass partner, said, “We invest in companies that combine transformational technology with strong business models, and Koyo indexed strongly in both of those departments. Koyo has built a first-class foundation over the last 18 months of operation, and we’re excited to be part of its future”.

Source Link ‘Thin file’ loans startup Koyo closes $50M Series A led by Force Over Mass

David Barret
David Barret

Related posts:

  1. Caribbean tourism recovery punctured by new coronavirus spike
  2. The Loot project flips the script on NFTs
  3. NYC-based insurance underwriting platform Kalepa raises $14M Series A led by Inspired Capital
  4. Wells Fargo’s commercial banking unit CEO Perry Pelos to retire

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • 24-Million-Year-Old Protein Fragments Are Oldest Ever Recovered, A Robot Listened To Spoken Instructions And Performed Surgery, And Much More This Week
  • DNA From Greenland Sled Dogs – Maybe The World’s Oldest Breed – Reveals 1,000 Years Of Arctic History
  • Why Doesn’t Moonrise Shift By The Same Amount Each Night?
  • Moa De-Extinction, Fashionable Chimps, And Robot Surgery – No Human Required
  • “Human”: Powerful New Images Mark The Most Scientifically Accurate “Hyper-Real 3D Models Of Human Species Ever”
  • Did We Accidentally Leave Life On The Moon In 2019 – And Could We Revive It?
  • 1.8 Million Years Ago, Two Extinct Humans Had One Of The Gnarliest Deaths In History
  • “Powerful Image” Of One Of The World’s Rarest Tigers Exposes The Real Danger In Taman Negara
  • Evolution, Domestication, And A Lot Of Very Good Boys: How Wolves Became Dogs
  • Why Do Orcas Have White Spots Near Their Eyes?
  • Tomb Of First King Of Ancient Maya City Discovered In Belize
  • The Real Reason The Tip Of Your Tape Measure Wiggles Like That
  • The “Haunting” Last Message From NASA’s Opportunity Rover, Sent From Inside A Planet-Wide Storm
  • Adorable Video Proves Not All Gorillas Hate The Rain. It Might Even Win One A Mate
  • 5,000-Year-Old Rock Art May Show One Of Ancient Egypt’s First Rulers
  • Alzheimer’s-Linked Protein Levels “20 Times Higher” In Newborn Babies – What Does This Mean?
  • Americans Were Asked If They Thought Civil War Was Coming. The Results Were Unexpected
  • Voyager 1 & 2 Could Be Detected From Almost A Light-Year Away With Our Current Technology
  • Dams Have Nudged Earth’s Poles By Over 1 Meter In The Past 200 Years
  • This Sugar Could Be A Cure For Male Pattern Baldness – And It’s Been In Our Bodies All Along
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version