February 22, 2023, Edinburgh, United Kingdom - Atto, a UK-based, global fintech specializing in credit risk, risk analytics and predictive modelling, using bank transaction data, today announced that Ingka Investments, the investments arm of Ingka Group, has made a EUR 9m minority investment in the company.
With a mission to promote financial inclusion through its global credit risk score, Atto provides advanced data to optimize credit & risk decisions in a growing number of countries. The company gives risk managers a real-time dataset to drive efficiencies, optimize decisions and drive lifetime value across the credit life cycle. With Atto’s insights, decision makers can better assess risk regardless of age, location, and past credit performance.
The funding provided will accelerate the market launch of the most advanced predictive models for credit & risk, built from open banking data. In addition, Atto will expand their credit risk offering into new markets and accelerate the development of models for each stage of the credit life cycle, from originations through portfolio management to collections.
Peter van der Poel, Managing Director of Ingka Investments, said:
We are pleased to have made this investment in Atto and are confident of their continued growth in the open banking market. They have developed an innovative solution with the potential to complement and disrupt the traditional credit and risk market and help drive financial inclusion for more people. Open Banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future.
The investment is the latest in a series of investments made by Ingka Investments. The aim is to strengthen Ingka Group’s core retail business by investing in innovative companies in areas such as digitalization, customer fulfilment, fintech and sustainability, that support its ongoing transformation to become ever more affordable, accessible, and sustainable.
About Atto
Atto is the global credit & risk platform for risk managers. The UK-based fintech provides open banking data and predictive models for smarter credit & risk decisions. With Atto, decision makers can access real-time data to optimize credit risk decisioning. Atto’s advanced insights for affordability, income verification, financial distress, and more, are available through one simple connection.
Atto is an early pioneer in open banking and powers some of the world’s largest and most innovative brands. The company’s CEO & Founder, James Varga, lobbied the government for PSD2 and Atto built the first ever AISP connection. Atto now has the most comprehensive coverage of any provider in the market.
Find out more at atto.co
Media enquiries: marketing@atto.co
About Ingka Group
With IKEA retail operations on 31 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on www.ingka.com
Media enquiries
For further information, journalists and media professionals can contact us at press.office@ingka.com or by calling +46 70 993 6376.
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