TLDR: Casca, an AI-native loan origination platform, has successfully raised $29 million in Series A funding, bringing its total funding to $33 million, to accelerate its mission of transforming commercial lending.
Casca, a pioneering AI-native loan origination platform, announced today the successful closure of a $29 million Series A funding round, elevating its total capital raised to $33 million. This significant investment, secured just 15 months after its pre-seed round, is set to propel Casca’s growth, enabling it to scale operations, expand its team, and intensify go-to-market strategies to make its platform more widely accessible to financial institutions.
The company’s innovative platform is designed to replace traditional, often cumbersome, legacy lending systems. Casca boasts dramatically faster loan processing capabilities, claiming to fund commercial loans up to 10 times quicker than other fintech companies and an impressive 30 times faster than the industry average. This superior functionality is a key differentiator in the competitive financial technology landscape.
The Series A round was spearheaded by Canapi Ventures, a prominent venture and growth equity firm supported by over 70 financial institutions. Neil Underwood, co-founder and general partner at Canapi Ventures, highlighted Casca’s unique approach: “Casca stands out in many ways. They’ve worked alongside top AI researchers and within banks themselves to simplify business lending using responsible AI and bank-grade underwriting. With Casca, local financial institutions become the lender of choice–offering more affordable rates and keeping capital within the community. It’s a big step for banking, and we’re proud to be part of it.”
Further demonstrating confidence in Casca’s vision and technology, several of its flagship customers also participated in the funding round. These include Live Oak Bank, recognized as the nation’s leading U.S. Small Business Administration (SBA) 7(a) lender by dollar volume; Huntington National Bank, the largest originator by volume of SBA 7(a) loans; and Bankwell Bank, Casca’s inaugural customer. Existing investors such as Bankwell, Y Combinator, and Peterson Ventures, a notable investor in the vertical SaaS sector, significantly increased their investments. Alliance Funding Group, a rapidly expanding independent leasing company in the U.S., also joined the round.
Industry leaders expressed strong support for Casca’s impact. Chip Mahan, CEO and chairman of Live Oak Bancshares, stated, “Businesses trust Live Oak Bank to provide a personalized, modern approach to lending, which is key to maintaining our leadership in the market. Casca simplifies and accelerates our lending processes while equipping us with the insights needed to build lasting relationships. The tangible value Casca has demonstrated gives us confidence to invest in their future.” Christian Corts, regional banking director at Huntington Bank, added, “At Huntington, we are committed to supporting small businesses at every stage of their journey. Our investment in Casca modernizes the lending experience and expands our ability to deliver the guidance, tools and resources these entrepreneurs need to grow and thrive.”
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Lukas Haffer, CEO and co-founder of Casca, articulated the company’s overarching mission: “We’re driven to be a force for good, using technology to make capital more accessible to small businesses and fueling the American Dream. Partnering with the top SBA lenders and key industry players, we’ve built a platform that fully automates commercial loans in record time–setting a new industry standard. This is a game changer, and now we are ready to scale responsibly, reaching more institutions with the white-glove service our clients expect.” This funding round underscores the growing demand for advanced AI solutions in the financial sector, particularly in streamlining complex lending processes.
