Casca, a leading AI-native loan origination platform, recently announced the completion of its Series A funding round, during which it raised $29 million. This investment propels Casca’s total funding to an impressive $33 million since its inception. The funding round was led by Canapi Ventures, a growth equity firm that boasts backing from over 70 financial institutions. Existing investors Bankwell, Y Combinator, and Peterson Ventures, known for their focus on vertical SaaS investments, have all increased their stakes from the prior pre-seed funding round. In addition to these major investors, Alliance Funding Group actively participated in this latest funding round.
In a remarkable achievement, Casca has emerged as a leader in the fintech space just 15 months after securing its pre-seed funding. The platform boasts superior functionality, positioning it well ahead of its competitors. Notably, Casca can process and fund commercial loans at a speed that is up to 10 times faster than other fintech companies and an astonishing 30 times faster than industry averages. This rapid processing capability is poised to revolutionize the lending landscape, delivering significant time savings for both financial institutions and their clients.
With the capital raised in this Series A round, Casca plans to accelerate its growth trajectory. The company intends to scale its operations, broaden its team to enhance service delivery, and implement aggressive go-to-market strategies. These efforts will enable Casca to expand the platform’s accessibility to a broader network of financial institutions across the industry.
Among Casca’s prominent clients are Live Oak Bank, recognized as the leading lender for U.S. Small Business Administration (SBA) 7(a) loans by dollar volume, and Huntington National Bank, which holds the title of the largest originator of SBA 7(a) loans by volume. Additionally, Bankwell Bank, which was Casca’s first customer, is also a key player in this funding round. All three flagship customers have made investments in Casca, demonstrating their commitment and belief in the platform’s potential.
KEY QUOTES:
“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.”
Neil Underwood, co-founder and general partner
“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.”
Chip Mahan, CEO and chairman of Live Oak Bancshares
“At Huntington, we are committed to supporting small businesses at every stage of their journey. Our investment in Casca modernizes the lending experience and expands our ability to deliver the guidance, tools and resources these entrepreneurs need to grow and thrive.”
Christian Corts, regional banking director at Huntington Bank
“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.”
Lukas Haffer, CEO and co-founder of Casca
