Younited Credit Received $47.8 Million In Funding

Younited Credit Received $47.8 Million In Funding

French start-up Younited has just raised $47.8 million for its crowdlending platform.

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French start-up Younited has just raised $47.8 million for its crowdlending platform.

The funding round was led by investors like Eurazeo, Crédit Mutuel Arkéa, AG2R La Mondiale, Weber Investissements, Matmut Innovation, Zencap Asset Management and Bpifrance, among others.

The company will reportedly use the money to work on new features and expand in more countries. Younited Credit is now offering its consumer-facing products to customers in France, Spain and Italy, according to Tech Crunch (techcrunch.com).

How Younited Credit works?

Platform users can lend money without talking to an actual bank. The permitted loan amount ranges between $1,200 and $48,000. It is estimated that 40 percent of borrowers lend between $1,200 and $3,600.

Younited Credit has so far managed $600 million in loans, with $300 million in the last 12 months alone.

The company is said to use a traditional linear regression algorithm, as Tech Crunch commented. Engineers have recently started exploring the applications of machine learning to improve their credit scoring algorithm. Thus, the start-up is now using a new AI-powered model to determine its customers`credit worhiness.

Younited Credit is also trying to improve its consumer-facing products. For example, users can sign up from their phones, while the support team is available for questions on WhatsApp and Messenger.

The French-based company hopes to make it possible for users to lend money from anywhere. This idea may disrupt the lending model traditional banks are currently offering to its customers.

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