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Aire Receives Funding from Accion Venture Lab


Aire, a startup that democratizes access to credit, received funding from Accion Venture Lab, a $10 million nonprofit initiative dedicated to building a financially inclusive world. The amount of the investment was undisclosed; the company stated it prefers to focus on the strategic partnership with Accion.

Aire boasts previous funding from Barclay’s Accelerator, Techstars, and SparkLabs Global Ventures. The London-based company gathers meaningful data about potentially credit-worthy clients via an online interview and other reliable sources. It uses artificial intelligence to process the data and qualify users for credit. The company also helps lenders by expanding the pool of qualified applicants.

Co-founder and CEO Aneesh Varma, who we interviewed earlier this year, launched the company in 2014 after he personally experienced the difficulty of accessing credit, despite being a credit-worthy individual. In a press release, Varma commented on the funding:

Accion Venture Lab has been very supportive of our research and product since our early years. I am really glad to have them come onboard now as we start our international expansion.

Aire, which launched its API at FinovateEurope 2014 in London, plans to use the funding to fuel international expansion.