Financial technology company Saris has raised $28.8 million in a Series A funding round to support the expansion of its workflow software for banks and credit unions.
The financing was led by 8VC. Audacious Ventures, Homebrew, Btech Consortium and Service Ventures also participated.
Proceeds will go toward expanding adoption among financial institutions, expanding connections with partners like Fiserv, Encompass and MeridianLink, and increasing staffing for teams responsible for training and implementation.
Saris develops software for banks and credit unions to handle routine, high-volume processes in lending, compliance and operations.
Its system is designed for financial services and is trained on an institution’s current processes and systems, while operating with human supervision.
The company said many financial institutions are grappling with faster technological changes, increased customer demands and pressure to work within existing resources. He said administrative staff still spend a lot of time on document verification, data verification and other repeated processes.
According to Saris, its system can shorten tasks from hours to minutes, automate up to 70% of work in commercial, mortgage and consumer loans, and reduce costs by up to 35%. The company has allowed banks and credit unions to increase production without increasing staff.
Saris co-founder and CEO Danial Jameel said: “Our vision is a future where humans and artificial intelligence work side by side in financial services.
“The best institutions won’t replace people; they will give them the advantage to do more with less effort and, as a result, serve customers and members better. Our platform already delivers measurable results, and this funding allows us to bring them to more institutions, faster.”
“Fintech Company Saris Raises $28.8M in Series A” was created and originally published by Retail Banker International, a brand owned by GlobalData.
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