London-based fintech, Koyo, has secured an extension of its Series A funding round. The recent equity injection comes from existing investors, including Force Over Mass, Forward Partners, Frontline Ventures, and Atalaya Capital Management.
Koyo was built on the idea that access to affordable credit is something people take for granted, but many do not have access to it. The company’s vision is to become a world leader in using alternative data to offer competitively priced financial products. Unique to Koyo’s offering is its use of bank transaction data. Rather than using credit agency scores, the fintech relies on Open Banking to underwrite the loans.
Commenting on the Series A extension, Thomas Olszewski (CEO and founder) said, “We have four venture capital funds already invested in Koyo, so it’s a lot easier to tap those people for funds, rather than running the whole process and going out… I think it’s great to have a supportive group of investors already invested in the company”.
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