The time has come to modernise lending – Michelle He, Abound

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UKTN

Technology, Entrepreneur, Tech, Business, Hr, Sales, Uktech, Investing, Funding, Entrepreneurship, Marketing

5 • 6 Ratings

🗓️ 25 February 2025

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Michelle He, co-founder and COO of London-based fintech Abound, discusses how companies like hers are modernising the lending industry, why the UK is the best place in the world for an Open Banking startup and why the future has room for fintechs and traditional finance.

Abound provides credit products to underserved communities, those without strong credit scores and who have been rejected by the traditional banking and loan system. He founded the digital lender in 2020 with Gerald Chappell. He explains how difficult growing a business is for startups compared to traditional finance and why, she doesn’t view herself as a ‘minority’ despite being a woman in fintech.

Transcript

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0:00.0	We are actually very lucky to do this business in the UK because open banking, although it has been implemented or talked about in many countries in the world, but the UK is by, the most advanced country in terms of the open banking
0:22.0	ecosystem.
0:25.4	Because of the limitations, because the shortage of resources, it actually pushed innovation.
0:32.3	Because if we have a lot of people, a lot of resources, there are certain things we probably
0:36.2	try to do it in a slightly more inefficient way.
0:42.5	I don't really think about that question.
0:44.8	I don't really think I'm different.
0:46.9	I'm the minority because I'm, you know, only 5% or 10% are women.
0:50.7	I don't really think about it.
0:52.3	I think more about what are the challenges,
0:55.0	what are the problems, what are the things I should learn, what kind of, you know, how should I grow myself?
1:05.0	From the first time founders to the funds that back them, innovation needs different.
1:09.0	Our episode partner, HSBC Innovation Banking, is proud to
1:14.2	accelerate growth for tech and life science businesses, creating meaningful connections and opening up
1:19.8	a world of opportunity for entrepreneurs and investors alike. Discover more at www.h.h.c InnovationBanking.com slash EN-GB.
1:36.1	Hello and welcome to the UKTN podcast, a weekly chat with the movers and shakers of the UK
1:41.4	tech industry and the destination for all things UK tech related.
1:45.9	I'm your host, Jane Wakefield, and today I'm joined by Michelle Heher, the co-founder and chief
1:51.4	operating officer at Abound, a fintech startup which is aimed at changing the way consumers borrow
1:57.6	money. Welcome, Michelle. Hi, Jen. Good morning. Good talking to you.
2:02.6	How is your day going today? Yeah, very good, very busy. Well, I'm glad you found time to talk to us,
2:08.1	because actually this is a really fascinating topic, isn't it? Given just sort of the way finance and
	...

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