Fintech firm Saris has secured $28.8m in 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 took part.
The proceeds will go towards widening adoption among financial institutions, extending connections with partners such as Fiserv, Encompass, and MeridianLink, and increasing staffing for teams responsible for training and implementation.
Saris develops software for banks and credit unions aimed at handling 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 oversight.
The company said many financial institutions are dealing with faster technological change, higher customer demands, and pressure to work within existing resources. It said back-office staff are still spending significant time on document checks, 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 consumer, mortgage, and commercial lending, and lower costs by as much as 35%. The company has enabled banks and credit unions to increase output without increasing headcount.
Saris co-founder and CEO Danial Jameel said: “Our vision is a future where humans and AI work side by side in financial services.
“The best institutions won’t replace people; they’ll give people the leverage to do more with less strain and better serve customers and members as a result. Our platform already delivers measurable results, and this funding lets us bring that to more institutions, faster.”
“Fintech firm Saris secures $28.8m in Series A” was originally created and published by Retail Banker International, a GlobalData owned brand.
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