Lama AI, a business banking technology provider, has raised $9m in seed funding to unlock credit for small businesses.
The round was co-led by Viola Ventures & Hetz Ventures, and includes Foundation Capital and SixThirty.
Lama AI was founded by Omri Yacubovich (CEO) and Ran Magen (CTO), both of whom have extensive backgrounds in SMB risk assessment and large-scale big data technologies.
The investment round was also joined by senior FinTech Executives including Shai Stern, CEO of Checkalt, a leading treasury management company, Nathaniel Harley, co-founder & CEO of Mantl, a leading provider of account origination solutions for banks and credit unions, and Elad Tsur, co-founder & CEO of Planck, a leading cognitive business analytics focused on the small-medium business segment.
With its AI technology, Lama aims to empower Banks, FinTechs and other industry players in the embedded finance ecosystem to enable the fastest and most efficient access to bank-rate credit opportunities including term loans, lines of credit, ABL, factoring, letters of credit, SBA loans, and more.
Lama AI platform enables its partners to onboard customers faster than ever before, while offering a wider range of financial products without compromising target risk levels.
Omri Yacubovich, co-founder & CEO at Lama AI, said, ?8 out of 10 small businesses that seek capital for growth, working capital, hiring, seasonality or any other reason- get rejected by their primary bank, in many cases, despite being a loyal customer for many years.
?Not only are the borrowing processes required by traditional financial institutions lengthy and demanding, the industry, as a whole, struggles in assessing risk for small businesses. We turn what is often mission impossible into a simple, easy, and business-friendly approval.p>
The solution, Yacubovich continued, equips the company bank partners with superior digital flows and streamlined processes. This ensures accurate underwriting data and insights, alongside a meaningful extension to their current credit box and product offerings.
Tymit, a buy now, pay later (BNPL) startup, has raised ?23m in Series A funding to help its members achieve financial stability.
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