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Peer2Peer Finance News | August 18, 2017

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Zopa signs up to artificial intelligence credit scorer Aire

Zopa signs up to artificial intelligence credit scorer Aire
Marc Shoffman

ZOPA is among the first consumer lenders to partner with a newly-formed credit scorer using artificial intelligence rather than traditional methods to help assess borrowers.

Rather than lenders relying on traditional credit scores from mainstream agencies, Aire conducts an interactive virtual interview with applicants to assess their rating.

Aire aims to make it easier for those with thin credit histories to get credit such as first-time borrowers and self employed freelance workers.

Read more: UK loans market needs to be “clearer and fairer”

The firm raised $5m (£3.84m) in funding this week and has announced Zopa and Toyota Financial Services among its early partners.

“Aire has stood for an idea that people should have equal opportunities for financial products despite changing realities of work, lifestyle and careers in this modern economy,” Aneesh Varma, founder and chief executive of Aire, said.

“This new funding round is strong vindication that we are making the right progress towards that goal.

“The last year has been exceptionally positive with the Financial Conduct Authority authorisation, new partnerships, increasing data volumes and now the funding to go into new markets. We are keen to bring Aire to as many people as we can, so there is still a busy time ahead of us on this mission.”

Read more: A third of Brits believe there is a credit blacklist

Read more: Bank of England takes action on credit boom