Casca, the AI-native loan origination platform founded in 2023 by banking IT experts and Stanford University AI researchers, has raised $29m in its Series A funding round.
The company has now raised a total of $33m to date.
The round was led by Canapi Ventures, a venture and growth equity firm backed by over 70 financial institutions.
Other investors included Live Oak Bank, Huntington National Bank, Bankwell Bank, Y Combinator, Peterson Ventures and Alliance Funding Group.
Casca’s platform uses responsible AI to automate and accelerate the loan application and origination process. The company claims it can fund commercial loans up to 10 times faster than other FinTechs and 30 times faster than industry averages.
The new capital will be used to scale Casca’s operations, expand its workforce, and accelerate go-to-market strategies. The company said this will make its platform available to more financial institutions.
Neil Underwood, co-founder and general partner at Canapi Ventures, said, “Casca stands out in many ways. They’ve worked alongside top AI researchers and within banks themselves to simplify business lending using responsible AI and bank-grade underwriting. With Casca, local financial institutions become the lender of choice–offering more affordable rates and keeping capital within the community. It’s a big step for banking, and we’re proud to be part of it.”
Chip Mahan, CEO and chairman of Live Oak Bancshares, said, “Businesses trust Live Oak Bank to provide a personalized, modern approach to lending, which is key to maintaining our leadership in the market. Casca simplifies and accelerates our lending processes while equipping us with the insights needed to build lasting relationships. The tangible value Casca has demonstrated gives us confidence to invest in their future.”
Casca CEO and co-founder Lukas Haffer said, “We’re driven to be a force for good, using technology to make capital more accessible to small businesses and fueling the American Dream.
“Partnering with the top SBA lenders and key industry players, we’ve built a platform that fully automates commercial loans in record time–setting a new industry standard. This is a game changer, and now we are ready to scale responsibly, reaching more institutions with the white-glove service our clients expect.
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