Vero Technologies raises USD 8.5 mln in Series A funding round

Friday 22 September 2023 13:51 CET | News

Vero Technologies, a wholesale financing technology and loan servicing platform, has announced the close of its Series A funding round, led by venture capital fund BankTech Ventures.

According to the press release, Vero Technologies received significant investment from Sopra Steria Ventures and other fintech investors including Arcadia Funds, Antler, AAF Management, and the Independent Community Bankers of America.

Vero will utilise this newly found capital to accelerate the growth of its Lending-as-a-Service (LaaS) offering. This will give banks a digital solution for the financial processes that stand in the way of their expansion in the wholesale financing space.

Manufactured goods dealers, such as auto, power sports, and agricultural equipment dealers need capital to acquire inventory from manufacturers and suppliers. Historically, banks have been unable to offer this form of wholesale financing due to complexities with originating, servicing, and monitoring dealers. Therefore, Vero Technologies’ Lending-as-a-Service platform aims to streamline these processes so that banks are able to extend wholesale financing to dealers in their local communities. This is done all without overhauling existing systems or adding specialised headcount.

Vero Technologies, a wholesale financing technology and loan servicing platform, has announced the close of its Series A funding round, led by venture capital fund BankTech Ventures.

The platform leverages Open Banking technology to offer end-to-end loan lifecycle management to its current user base of community and regional banks in the US. Its capabilities span from underwriting, loan servicing, and digital auditing to real-time inventory, risk management, and financial analytics. As a result, banks are able to introduce wholesale financing, while providing dealers lower cost of funds and enhancing operational efficiencies. The platform also includes dealer and supplier-facing tools to minimise unnecessary manual interactions.

Through Vero, dealers would have access to lower-cost funds through their preferred financial services partners, ensuring that dealers could consolidate their financial resources and possibly drive business growth.

About Vero

Vero Technologies is a provider of wholesale financing solutions for dealers across auto, marine, power sports, agricultural equipment, and other verticals of manufactured goods. The company partners with banks and speciality finance companies to enable its LaaS program for dealers of manufactured goods. Its platform offers real-time inventory and financial analytics, risk management capabilities, and streamlined operational processes.

About BankTech Ventures

BankTech Ventures is a venture capital firm built by community bankers for community banks. It invests in companies that support the future of the industry. With over 100 community banks LPs, 15 portfolio companies, and a team of bank, fintech, and investment professionals, BankTech’s ecosystem aims to ensure a positive future for community banking.

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Keywords:	funding, financing , lending, Open Banking
Categories:	Banking & Fintech
Companies:	Vero Technologies
Countries:	United States

This article is part of category

Banking & Fintech

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