Cascading AI, a pioneering FinTech startup established by Stanford University and Y Combinator alumni, has proudly announced the closure of its $3.9m pre-seed funding round.
The fundraising was spearheaded by Peterson Ventures, a well-regarded investor in the vertical SaaS space, known for its knack in spotting disruptive startups. Additional contributions came from esteemed names including Y Combinator, The Sarah Smith Fund, and Clocktower Technology Ventures, all aligning with Cascading AI’s vision for the banking industry’s future.
At the heart of Cascading AI’s innovation is Casca, their flagship product. Casca stands as the first AI-native Loan Origination System in the banking industry, aiming to revolutionize the way loans are processed. This cutting-edge system leverages AI to automate and expedite the loan application and origination processes, significantly enhancing efficiency and reducing manual back-office work by up to 90%.
The new funding will be instrumental in expanding Cascading AI’s team of top-tier AI and machine learning engineers. It will also accelerate the development and enhancement of Casca, particularly its human-in-the-loop, responsible AI capabilities. Furthermore, the investment will support the company in onboarding a select group of new banking clients.
Cascading AI CEO Lukas Haffer remarked, “Our mission for the last four months was to build a system that actually brings AI into reality, is useful and fully compliant for one bank and solves problems for them.”
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