Zikher, a new company that uses analytics algorithms to accelerate the loan, mortgage and account opening process at banks, has been valued at $5m in its first funding round.
The San Francisco-based fintech startup raised an undisclosed amount in a Seed round this month.
It will use the funding to expand on the markets in the US and Canada where it seeks to provide services to credit unions, community and regional banks.
Zikher estimates the amount US banks have spent in its target market over the past year at some $19.4bn.
The market is projected to grow by an average of 5 per cent annually, according to financial research company Celent.
Zikher markets its services as an ultra-secure and intelligent cloud for the financial industry.
The company was launched at the beginning of last year by California-based entrepreneur Amir Khan.
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