New York City-based Algebrik AI, a cloud-native and AI-based Loan Origination Platform, announced that it has successfully secured $4 million in Series A funding to accelerate the development of its groundbreaking loan origination software. The investment will be disbursed in two phases.
Launched by Pankaj Jain, Algebrik was designed to address the challenges faced by mid-tier banks and credit unions in the US, which are struggling with high customer acquisition costs due to broken omnichannel journeys and manual processes.
With this funding round, Algebrik AI will drive continuous innovation, responding to user feedback and market needs to stay at the forefront of innovation and customer satisfaction. This capital will enable Algebrik AI to advance its solutions and solidify its role in a market projected to reach $12.2 billion by 2032, growing at 10.2% CAGR.
The closing of this investment is subject to obtaining appropriate regulatory approvals.
KEY QUOTES:
“This funding empowers us to accelerate our mission to transform the loan origination process with a cutting-edge and inclusive AI-first, cloud-native platform for lenders, enabling a faster, more accurate, and personalized lending experience to better serve the fast-evolving needs of borrowers.”
– Pankaj Jain, Founder & CEO of Algebrik AI
“I believe application of AI and new-age technology will continue to play a key role in driving business growth for financial services companies. I’m thrilled to invest in Algebrik, which will empower mid-tier banks and credit unions in the US to overcome high abandonment rates and manual inefficiencies, enabling seamless digital loan delivery and enhancing customer satisfaction.”
– Bhupinder Singh, Founder & Group CEO, InCred
