Koyo in a Series A funding round of $50 million in debt and equity led by Force Over Mass.

Koyo, a London, UK-based financial service provider selling loans to people with poor credit history, announcd completing a $50 million financing round.

The money is a compbination of debt and equity with an undisclosed split, with the equity provided by investors led by Force Over Mass. Other equity contributors included existing investors Forward Partners, Frontline Ventures and Seedcamp and angel investor Matt Robinson (founder of GoCardless, co-founder of Nested).

Koyo, founded in 2018 by CEO Thomas Olszewski, is targeting "thin file" or "near prime" customers, namely 13-15 million people from UK which are normally rejected by the main loans companies because of poor or un-attractive credit history. The company does this by using Open Banking data for analysing real bank transactions rather than credit agency scores to underwrite risk for lending to consumers.

Koyo previously raised $4.9 million in 2019.