Cardo AI, a next-generation asset-based finance and private credit technology platform, announced it has completed its $15 million Series A round. The funding was co-led by Blackstone Innovations Investments, Blackstone’s early-stage strategic investment arm, FINTOP Capital, and JAM FINTOP. Andy Horwitz and Kevin MacDonald, co-founders of Black Mountain Systems, also participated in the round.
The multi-trillion asset-based finance and private credit market continues to operate with outdated systems, manual processes and fragmented data. And as the market expands with increasingly complex investment strategies, Cardo AI is transforming the sector’s operations with advanced portfolio modeling and collateral data management technology.
This platform facilitates investment decision-making and portfolio monitoring of multi-strategy credit portfolios for industry stakeholders, from investors to banks and servicers. It utilizes advanced software workflows, a strong data engine, and predictive AI algorithms. The platform also supports servicers, trustees, and fund administrators in streamlining operations and reducing costs.
Launched in 2018, Cardo AI rapidly expanded its presence throughout Europe, with early support from Fasanara Capital, before entering the U.S. market earlier this year. And over the past few months, Cardo has onboarded several of the most sophisticated private credit and asset-based finance investors in the U.S. In addition to co-leading the Series A round, Blackstone is leveraging Cardo AI’s technology in its Credit & Insurance operations to support direct lending and asset-based finance transactions.
KEY QUOTES:
“Our expansion into the US market, supported by such prestigious institutions, highlights Cardo AI’s ability to deliver powerful technology for the alternative credit industry. We are excited to collaborate with new investors and are confident that our platform will play a significant role in scaling the market and enhancing operational excellence for our clients.”
– Altin Kadareja, Founder and CEO of Cardo AI
“At Blackstone we have seen firsthand the rapid growth in alternative credit. To keep pace, the industry needs to move away from manual, spreadsheet-based processes to embrace scalable technology solutions. Our Credit & Insurance team has been impressed by Cardo AI’s robust portfolio management capabilities for complex instruments.”
– John Stecher, Chief Technology Officer at Blackstone
“We see enormous potential for Cardo AI to transform an industry that has been slow in adopting technological innovation. With decades of experience, their team brings the expertise needed to tackle the challenges this market faces. We are excited to support them in setting the standard in asset-based finance and private credit technology.”
– Rick Kushel, Managing Partner at FINTOP Capital
