Global credit & risk platform Atto has kicked off a new funding series, recently completing a $3 million bridge round led by Hong Kong based venture capital firm QBN Capital. Having doubled both headcount and revenue over the last year, Atto will use the newly injected funds to continue with their ambitious growth plans and to expand internationally.
Atto’s platform, data, and unique insight engines offer decision makers a more comprehensive view of applicants and customers across the credit lifecycle. This enables more informed and appropriate decisions.
Credit decisions are traditionally based on historic transactions, which are obtained from Credit Reference Agencies, or on self-declared information provided by the consumer. These information sources are often out-of-date and can only provide a partial view of the customer’s credit history or current financial health.
Broad adoption of PSD2 and open banking adoption in Europe and the UK has paved the way for the development of innovative services based on bank data.
Atto has developed a market leading credit & risk platform that powers some of the world’s largest brands. Data obtained, with explicit consent, directly from consumer’s bank account is real-time, verified, incorruptible, and guaranteed to be accurate. Applying advanced modelling techniques, Atto also provides unique insights into customers' financial status, which enables decision makers to have a more precise view of credit risk and to make faster, more accurate and personalised decisions.
Based in the UK, Atto’s reach is global and rapidly growing, with over 13,000+ bank connections giving them access to 1.5bn users in over 45 countries. The fintech operates across banking, consumer and SME lending, utilities, gambling and gaming, the gig economy, and many more sectors.
James Varga said:
We are very excited to have QBN being our lead investor. This funding step will help us grow into more markets and sectors as open banking adoption grows across the world. We are addressing a global pain with our product, redefining credit risk for consumers and businesses alike.
Philea Chim at QBN Capital said:
We look forward to helping Atto expand their business to Asia. Their credit risk platform will make SME financing fairer and more accessible. We see synergies between Atto and a number of our portfolio companies and QBN's own initiatives, for example, in supply chain trade finance.
