FinTech Startup Lendai Raises $35M for AI-Based Underwriting System

FinTech startup Lendai has raised $35 million in equity and debt seed funding, ZDNet reported Wednesday (March 9).

This additional funding will let the company let foreign, non-residential borrowers investing in U.S. real estate properties access immediate funding and competitive rates using its artificial intelligence (AI)-based Triple Digital Underwriting System, which aims to make the underwriting process more efficient.

Additionally, the proceeds will help Lendai expand its reach, expand its services to more U.S. states and launch new loan programs.

According to CEO and co-founder Yair Benyamini, the Lendai network encompasses a swathe of almost 200 partners, including real estate agents, property management companies, loan brokers, marketplaces, developers, lawyers, accountants and more. Speaking with ZDNet, Benyamini said the network is scattered around the world.

“We basically sit on all the entry points into the market, and this allows us to write to thousands of clients that are in these countries, with minimal effort,” he said.

The funding round was led by Meron Capital and Cardumen Capital, and Discount Capital, Skywell Capital Partners, Mindset Ventures and Viola Credit offered underwriting help.

Businesses in need of payments, accounts and cards are seeing a new surge in FinTechs helping them out.

PYMNTS wrote that Zeller, an Australian company, has made a new solution offering payments, accounts and cards in a new integrated solution, letting businesses sign up easily and quickly begin benefiting from the services.

See also: Businesses Seek Fast, Integrated Payments, Accounts and Cards

“That, as common as it might sound, isn’t,” Ben Pfisterer, CEO and co-founder at Zeller, told PYMNTS. “The ability for a business to sign up quickly once and get those three integrated products is — well, I haven’t heard of it being done anywhere.”