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Alt Credit Score Startup, Aire, Raises $1.1 Million

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London-based Aire.io, the startup that is democratizing credit scores for people with thin or no credit files announced a $1.1 million round of funding today.

While Aire received the new installment in January, it has not been made public until now. The funding comes from existing investor SparkLabs Global Ventures, with additional contributions from:

  • Andrew Mullinger
  • Peter Jackson
  • Tom Glocer

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Aire pulled in its initial Seed round of $300k in the summer of 2014. When added to the second Seed round in today’s announcement, the startup’s funding totals just under $1.5 million.

Aire’s recently launched Credit API enables lenders to perform a credit check on people who do not have financial history on file with traditional credit bureaus. Its predictive algorithms assign a score to consumers based on self-declared data and other reliable sources, such as LinkedIn.

The startup is a TechStars company, and has received multiple other accolades. Here are the latest:

  • Fintech City: Hottest Ten Fintech of Europe
  • Business Insider: Top 15 Start-ups in Europe
  • DataMonitor Financial: FinTracker Award

Aire launched its Credit API at FinovateEurope 2015 in London. Check out the live demo video.