#San Francisco #loan origination #AI-Native Loan #Casca

Casca Secures $29 Million in Series A Funding

In an impressive leap forward, Casca, recognized as the first AI-native loan origination platform, has today announced a successful fundraising of $29 million during its Series A funding round. This funding brings the total amount raised by the company to $33 million, marking a significant milestone in its journey to modernize the lending process.

Founded in 2023 by experts in banking IT and AI from Stanford University, Casca aims to reshape the loan origination landscape by offering faster and more efficient services to financial institutions. Only 15 months after its pre-seed funding, the company stands out in a competitive market due to its superior functionality and rapid loan processing abilities. Casca reports that it can fund commercial loans up to 10 times faster than competing fintechs and 30 times faster than traditional industry standards.

The recent funding round was led by Canapi Ventures, a notable venture firm supported by over 70 financial institutions. Co-founder and general partner, Neil Underwood, lauded Casca for its unique approach: “They've collaborated with top AI researchers and directly within banks to simplify business lending using responsible AI and bank-grade underwriting.” This statement highlights the platform's commitment to making lending affordable and accessible while ensuring that capital stays within the community.

Key players in the financial industry have taken notice, with Casca's flagship clients, including Live Oak Bank, Huntington National Bank, and Bankwell Bank, all familiar names in the realm of SBA lending, participating in the latest funding round. Remarkably, Bankwell, Y Combinator, and Peterson Ventures chose to increase their investments from prior pre-seed rounds, showcasing their confidence in Casca’s potential.

Chip Mahan, CEO of Live Oak Bancshares, emphasized the vital role of innovation in their lending processes.