November 04, 2024 08:00 AM Eastern Standard Time

NEW YORK–(BUSINESS WIRE)–Algebrik AI Inc., a Delaware-incorporated company headquartered in New York City, pioneering the world’s first cloud-native and AI-powered digital era Loan Origination Platform, today announced that it has successfully secured $4 million in Series A to accelerate the development of its groundbreaking loan origination software. The investment will be disbursed in two phases.

“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.”Post this

Founded by Pankaj Jain, an industry veteran, Algebrik is designed to address the challenges faced by mid-tier banks and credit unions in the US, struggling with high customer acquisition costs due to broken omnichannel journeys and manual processes.

Commenting on this milestone, Pankaj Jain, Founder & CEO of Algebrik AI, said, “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.”

Bhupinder Singh, Founder & Group CEO, InCred stated, “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.”

With this funding, 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 the investment is subject to obtaining appropriate regulatory approvals.

About Algebrik AI:

Algebrik, headquartered in New York City is the world’s first cloud and AI native digital-era Loan Origination Platform (LOS), designed for the next generation of members/consumers. In an industry that hasn’t seen significant innovation in lending technology in over 25 years, Algebrik empowers credit unions, mid-tier banks and lenders of all sizes to attract, engage, grow, and retain next-gen members/consumers and stay competitive in today’s digital era by transforming loan originations end-to-end. Algebrik does all the heavy-lifting so that lenders can focus on growing their business.

Contacts

For media queries:
Pankaj Jain
CEO, Algebrik
pankaj.jain@algebrik.com

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