Aire, the credit scoring startup, secures $5 million in funding and secures a deal with Zopa

Aire, a fintech startup that utilizes advanced technology and data to disrupt traditional credit scoring systems, has raised funds in a financing round led by Sunstone Capital, with previous investor White Star Capital also participating. Aire’s products, such as the Interactive Virtual Interview, aim to provide lenders and high street banks with a better understanding of applicants with thin-file credit histories, including first-time borrowers and self-employed or freelance workers. The firm has already facilitated over $5 billion of credit across various categories of consumer credit and has gained approval from the UK’s FCA. The company plans to use the newly acquired funds to recruit talent and further improve the accuracy of its algorithmic underwriting, leveraging machine learning to mimic human capabilities. Aire’s CEO, Aneesh Varma, expressed confidence in the company’s mission to provide equal financial opportunities to people in the modern economy and sees the funding as a validation of the company’s progress towards that goal.