In a significant milestone, Infact, a UK-based fintech company, has successfully raised £4 million in seed funding and secured FCA authorization as a Credit Reference Agency. This achievement marks a major step forward in Infact's mission to establish the UK's first real-time credit bureau.

The Problem with Legacy Credit Bureaus

Legacy credit bureaus have struggled to keep pace with the rapid evolution of consumer credit preferences, particularly as individuals increasingly turn to lower-value, high-velocity, transactional products. This has resulted in a need for a more modern and innovative approach to credit reporting.

Infact's Solution

Infact's platform offers an API for lenders to report and receive consumer credit risk insights in real-time. This enables lenders' credit risk teams to improve lending performance and increase profitable lending, while also enabling consumers to build and rehabilitate their credit profiles faster and more safely.

Leadership and Expertise

Infact is led by Will Mason and Andy Milligan, previously from Runpath, which was acquired by Experian. They have built a founding team with diverse credit experience from companies such as NatWest, TSB, Castlight, Experian, Credit Kudos, Metro Bank, Ratesetter, Laybuy, and Visa.

Funding and Support

The £4 million investment, led by AlbionVC, with participation from 13books Capital, Outward VC, Form Ventures, and Portfolio Ventures, along with support from prominent angels in the credit referencing, lending, and fintech sectors, is a testament to the potential of Infact's innovative approach.

"We are excited to build a challenger bureau that supports today's lenders by treating their consumers as people with rich and varied financial lives," said Will Mason, CEO and co-founder of Infact. "We are excited to enter the next phase of growth and invest in maturing the credit bureau platform and building out the product suite."

Early Success and Future Plans

In the months since being authorized as a credit reference agency, Infact has seen early success with several leading UK lenders engaging to help populate the bureau and with the successful launch of its first product, Affordability Engine. The company plans to use the funding to accelerate building the richer bureau database and to extend the product suite to help challenger lenders and banks reset the scales when it comes to credit.

Infact's £4 million funding and FCA authorization mark a significant milestone in the company's mission to revolutionize credit reporting. With its innovative approach and experienced leadership, Infact is well-positioned to make a meaningful impact in the credit information landscape and promote financial inclusion and visibility for consumers.