Koyo, a fintech startup using open banking to offer loans to people with “thin” credit files and currently poorly served by the market, has closed $4.9 million in funding.

The round — a mixture of debt and equity funding — is led by Forward Partners, with participation from Seedcamp. Other investors include Christian Faes (founder and CEO of LendInvest), and Charlie Delingpole (founder and CEO of ComplyAdvantage).

Founded in late 2018 by ex-Frontline Ventures VC Thomas Olszewski, and launching later this year, Koyo is attempting to tackle the problem whereby people without much of a credit history, such as migrants or those who have never taken credit or aren’t the main bill payer, aren’t able to secure a loan.

And even if they are, the

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