Able Raises $20M Series A to Accelerate Commercial Loan Processing
SAN FRANCISCO, Calif./ACCESSWIRE/June 16, 2022/ Able, a technology platform that streamlines loan processing for commercial lenders, today announced a $20 million investment led by Canapi Ventures with participation from Human Capital.
Commercial loans require a large number of non-standard documents, such as financial statements, contracts and business plans. Today, these documents are largely collected and processed manually, which slows down the loan process.
“Commercial lenders – including banks and non-bank lenders – lack the tools they need to collect and process complex documents online and at scale,” said Diego Represas, Founder and Director of able. “As a result, everyone involved in the loan process – lenders, borrowers, lawyers, accountants – is spending more time on paperwork than they need to, and loan decisions take longer than they need to. shouldn’t. We’re fixing that.”
As Able built its initial product, the team spent hundreds of hours onsite with commercial lenders. Able found that, at one lender, excess document requests added more than 30 days to each funded loan request. At another lender, key employees were spending more than a third of their time on tasks that could be easily automated, such as splitting PDF files into multiple pages.
“Able is a game changer. Their team is already working with several banks in the Canapi network on use cases that span the entire lending lifecycle,” said Neil Underwood, General Partner of Canapi Ventures and President of Live Oak Bank. “Able reduces the time and resources needed to process any commercial loan. Lenders benefit from better economics and a scalable platform for growth. Everyone benefits from a modern digital experience. It’s a win-win situation for all parties involved.”
With Able, relationship managers simply tell Able which documents to collect. The system handles everything else. Borrowers, or their delegates, submit documents online, by email or in person. Then Able reviews and organizes everything for the account manager. Automated follow-up communications keep the process on track.
Able connects lenders’ existing loan origination, content management, email and CRM systems to make finding information easier. Each party involved in the transaction has secure digital access to all the information they need – and none of the information they don’t.
Commercial lenders use Capable to engage borrowers throughout the loan lifecycle, from the initial screening process to servicing and renewals. Requests for information can be logged and automated at the borrower level or between groups of borrowers, reducing processing time and resources required at each stage of the lifecycle.
Able is an artificial intelligence platform that speeds up commercial loan processing to save time and money for everyone involved in the transaction: lenders, borrowers, accountants, appraisers, lawyers, and more. Commercial lenders use Able’s platform to quickly collect and process borrower information and engage borrowers throughout the loan lifecycle.
Able was founded in 2020 in San Francisco. Visit able.ai for more.
Canapi Ventures is a venture capital firm that invests in early-stage or growth-stage fintech companies. Our partners have been at the forefront of innovation in financial services as operators, investors, bankers, advisers and regulators. Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners. Canapi Ventures is advised by CenterHarbor Advisors and Canapi Advisors, LLC, a wholly owned subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB). For more information, visit http://www.canapi.com.
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