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Aire raises $11M in Series B led by Crane Venture, Experian

Aire, a fintech that uses machine learning to create more equitable credit scoring methods for consumers, has raised $11 million in Series B funds led by Crane Venture Partners, Experian Ventures and Orange Digital Ventures, according to a press release.

Existing investors White Star Capital and Sunstone Capital also participated in the round.

The funding will help pay for expansion into the U.S., and investment in the company’s credit insight engine.

"Aire is built on the premise that empowering consumers to play an active role in their credit assessment is the only way to give lenders a comprehensive view with which to make a decision," said Aneesh Varma, co-founder and CEO of Aire, in the release.

The company stated 1.7 billion people lack access to formal financial services. In the U.S., one in 10 consumers are considered "credit invisible" because they have no credit record, and half of consumers feel held back by weak credit scores, according to the release.

Aire has focused heavily in mobile initiatives to expand credit, through its Orange Bank in Europe and Orange Money in Africa.

Aire officials said two years after getting formal approval from the Financial Conduct Authority, the firm has grown from two employees to 40 and has scored more than $10 billion in credit across various forms. The firm has also entered alliances with Toyota Financial Services and online retailer N Brown.