Vero Technologies, a leading wholesale financing technology and loan servicing platform, has celebrated the completion of its $8.5m Series A funding round.
The significant investment was led by venture capital fund BankTech Ventures. Notably, Vero also attracted funding from Sopra Steria Ventures and other prominent FinTech investors including Arcadia Funds, Antler, AAF Management, and the Independent Community Bankers of America.
Vero Technologies provides a pivotal solution for manufactured goods dealers such as auto, powersports, and agricultural equipment dealers who require capital for inventory procurement. Historically, the complexities associated with originating, servicing, and monitoring dealers prevented banks from offering this form of wholesale or “floor plan” financing. However, Vero’s lending-as-a-service platform addresses these challenges, enabling banks to support dealers without overhauling their existing systems or incurring additional staffing.
The funds raised will primarily be used to enhance and expand Vero’s lending-as-a-service (LAAS) offering. This digital solution will aid banks in overcoming financial challenges obstructing their growth in the wholesale financing sector.
Vero’s platform uses open banking technology to offer comprehensive loan lifecycle management. It caters to a diverse user base comprising community and regional banks throughout the country, covering services from underwriting and loan servicing to financial analytics. As a result, banks can now profitably provide wholesale financing, benefiting dealers by reducing costs and enhancing operational efficiencies. Additionally, Vero’s platform also features tools for dealers and suppliers to minimise manual interactions.
Vero Technologies CEO John Mizzi said, “We’ve been fortunate to build a viable product and achieve initial market penetration with minimal funding to date. Now, as we set out to expand, we’re pleased to do so in partnership with BankTech Ventures, Sopra Steria Ventures and other strategic investors who share our vision of providing banks with a bespoke solution for wholesale finance. This investment will enable us to build our growing footprint with community and regional banks across the country and enhance our platform’s capabilities.”
Carey Ransom, Managing Director of BankTech Ventures, commented, “We are excited to lead the Series A funding round for Vero. Their commitment to driving innovation within community banking aligns perfectly with BankTech’s mission to expand community bank capabilities. We believe Vero has tremendous potential to transform the inventory financing landscape and create significant value for dealers and lenders alike.”
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