Fintech Firm Saris Secures $28.8m Series A Funding
Fintech company Saris has successfully raised $28.8 million in a Series A funding round. The funding round was led by 8VC, with participation from Audacious Ventures, Homebrew, Btech Consortium, and Service Ventures. This significant financial boost is set to support the expansion of Saris’ workflow software, which is aimed at banks and credit unions. The details of this funding round can be found Here.
Investment to Boost Adoption and Partnership Expansion
The newly secured funds will be used to enhance the adoption of Saris’ software among financial institutions. In addition, it will help extend the company’s connections with existing partners, such as Fiserv, Encompass, and MeridianLink. A portion of the funding will also be allocated towards increasing staffing for teams responsible for training and implementation.
Automating High-Volume Processes in Financial Institutions
Saris is renowned for developing software that is designed for financial services. The software is targeted at handling routine, high-volume processes in lending, compliance, and operations. It is trained on an institution’s current processes and systems and operates with human oversight. This is especially beneficial for many financial institutions that are grappling with rapid technological change, increasing customer demands, and the pressure to work within existing resources.
The Power of Automation
Despite advancements in technology, many back-office staff at financial institutions are still burdened with time-consuming tasks such as document checks and data verification. Saris’ system, however, is designed to dramatically shorten these tasks from hours to minutes. It’s capable of automating up to 70% of work in consumer, mortgage, and commercial lending, and can reduce costs by as much as 35%. As a result, banks and credit unions are able to increase output without the need to increase headcount.
Human and AI Collaboration
According to Saris co-founder and CEO Danial Jameel, the future of financial services lies in the collaboration between humans and AI. He believes that the best institutions will not replace people with technology, but rather leverage technology to allow people to do more with less strain. This approach will ultimately lead to better customer service. “Our platform already delivers measurable results, and this funding lets us bring that to more institutions, faster,” says Jameel.
With this financial backing, Saris is set to revolutionize the way financial institutions operate, harnessing the power of automation to streamline routine tasks and improve efficiency.
