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. The equity funding comes from a variety of angels, 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%.