London fintech startup Aire secures $5 million in Series A funding

UK fintech startup Aire has raised $5 million in a Series A round led by Sunstone Capital with participation from White Star Capital.

The startup also announced partnerships with online lender Zopa and Toyota Financial Services. The new funding will fuel the startup’s expansion outside of the UK.

Aire develops AI-based solutions for carrying out credit checks, especially for the self-employed to help them apply for financial services.

“Aire has stood for an idea that people should have equal opportunities for financial products despite changing realities of work, lifestyle and careers in this modern economy,” said Aneesh Varma, CEO of Aire. “This new funding round is strong vindication that we are making the right progress towards that goal.”

The London-based startup obtained regulatory approval last year from the UK’s Financial Conduct Authority (FCA) followed by its $2 million seed round.

“The last year has been exceptionally positive with the FCA authorisation, new partnerships, increasing data volumes and now the funding to go into new markets,” added Varma. “We are keen to bring Aire to as many people as we can, so there is still a busy time ahead of us on this mission.”