San Francisco, USA-based cutting-edge fintech startup founded by alumni of Stanford University and Y Combinator completed its pre-seed funding with USR 3.9 million. The pre-seed funding round took place on February 9, 204. Peterson Ventures, a renowned investor in the vertical SaaS sector known for identifying disruptive startups, led the financing for the company. Meanwhile, Y Combinator, The Sarah Smith Fund, and Clocktower Technology Ventures also joined in the funding.
Purpose of financing for Cascading AI
With the latest fresh capital infusion, Cascading AI seeks to:
- Expand its team of world-class AI and machine learning engineers
- Further, fuel the development of the Casca product
- Also, Enhance its human-in-the-loop, responsible AI capabilities
- In addition, Onboard a select group of new banks
What the Cascading AI official has to add
Lukas Haffer, CEO of Cascading AI, said, “The real game changer is our AI Loan Assistant, Sarah. Imagine a small business owner applying for a loan on a Friday evening and waiting 72 hours for a response from a loan officer. With Casca, they receive an email response within minutes from Sarah – who leads them through the entire application process. Sarah is infinitely patient and infinitely kind; every loan applicant receives the care and attention they deserve.”
“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,” Haffer further continued.
What the company’s customers have to comment
Ryan Hildebrand, Chief Innovation Officer at Bankwell Bank, Casca’s first customer, further added, “We’ve just seen tremendous success with Casca, even in the first months. Casca helps bring leads that are five or six times the quality of what was coming in through organic marketing.”
About the company
Isaiah Williams & Lukas Haffer are the founders of the company. By employing AI to speed up the loan application and origination processes, cascading AI transforms banking. Casca, the company’s main product and the first AI-native loan origination system is completely changing the lending industry.
By attaining nearly three times greater conversion rates and 90% less human effort in the back office when compared to previous approaches, Casca is already proving its worth.
Using advances in generative AI technology, Casca automates laborious operations associated with loan origination, resulting in a significant reduction in loan cycle time and increased efficiency. Responsible AI techniques, such as human-in-the-loop monitoring, are the foundation of Casca.
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