AI's Funding Surge: 5 Big Companies

Time to Reject the 'Too Complex to Invest' Myth"

Artificial intelligence (AI) is rapidly changing the finance sector, debunking the myth that it's too complex to be useful.

Here’s how 5 prominent companies are embracing AI to drive progress:

  1. Myriad Venture Partners has launched a $100M fund to back startups revolutionizing AI, enterprise software, and clean tech.

  2. Norm AI has garnered $11.1M in funding for its AI tool that streamlines regulatory compliance processes.

  3. Neatleaf, with a $4M investment led by AgFunder, plans to scale its AI-driven autonomous farming operations.

  4. Moody's Analytics and Numerated are teaming up to transform commercial lending with AI, optimizing decision-making and customer experiences.

  5. DailyPay has raised $175M in Series D funding to broaden its real-time financial services, indicating strong growth and market demand.

Our Opinion:

AI is essential in enhancing financial operations, as seen with Moody's Analytics and Numerated, by automating tasks and increasing efficiency. Adoption of such technology could reduce loan processing times from weeks to mere minutes, boosting productivity and client satisfaction. One of our clients, 1West, is already experiencing the advantages of AI in finance. Check out the video below for their story.

Success Story of 1West

The Cobalt Intelligence Secretary of State API has been instrumental in helping 1West in several key ways:

  1. Verification of vital data: The API allows 1West to verify the vital data provided by customers on their applications. This helps reduce fraud and ensures that the information on the application is accurate.

  2. Efficient processing: Before using the API, 1West had to check the data manually, which was time-consuming and prone to errors. With the Secretary of State API, the process has been streamlined, saving a significant amount of time and effort for 1West's processing team.

  3. Quick retrieval of information: The API enables 1West to quickly retrieve business start dates from the Secretary of State data. This information is crucial for determining a customer's time in business, which is an important factor considered by lenders. By automating this process, 1West can obtain approvals faster and provide better options to customers.

  4. Seamless integration: The integration with Cobalt's API was straightforward and hassle-free for 1West's technical team. The API's simple and intuitive data structures, along with easy authentication, made the integration process smooth and efficient.

  5. Improved customer experience: By leveraging the Secretary of State API, 1West can provide a seamless and efficient loan application experience to its customers. The verified data from the Secretary of State helps minimize incompletes and ensures a higher success rate for loan submissions. This ultimately leads to a better overall customer experience.

Watch the video below and learn how you too can improve your loan processing capabilities, reduce manual efforts, and improve the accuracy and efficiency of your operations.

Headlines You Don’t Want to Miss

Ohio's Fairness in Lending Act which sets new standards for fair lending The Act seeks to bring fairness and transparency to Ohio's payday loans industry. The Act stipulates a set of regulations, which are enforced by Ohio's Consumer Finance Association, to discourage malpractice and exploitation. Rates on loans issued are capped at 28% APR and also require installment payments spreading over three months. Short-term loan businesses are required to be licensed and have an established place of business in Ohio.

SEC Faces Legal Clash Over New Short Sales and Securities Lending Rules The U.S. Chamber of Commerce and the Securities Industry and Financial Markets Association (SIFMA) have challenged the SEC’s new rules on its overhaul of short sales and securities lending. The groups argue the SEC's new rules are deeply flawed and will cause severe unintended consequences for businesses and retail investors. They claim the new rules will harm brokerage firms and the capital markets by affecting their ability to channel funds to the market by lending securities.

Approb Eyes Mexican Market Expansion After Securing $2.3M Funding Approb, a web-based lending platform, secured $2.3 million funding led by Equitas Capital and several angel investors. The startup, currently serving over 15,000 users, facilitates the granting and renewal of microloans for small businesses. The company aims to leverage the funding to expand and enhance its operations across Mexico, exploring new market opportunities. An important objective for Approb is to reach a wider segment of the population who lack access to financial services, helping them grow their businesses.

Fremont County Leverages the Meat and Poultry Intermediary Lending Program for Economic Growth The Fremont County Economic Development Corp (FCEDC) has joined the Colorado Office of Economic Development and International Trades' Meat and Poultry Intermediary Lending Program, designed to support the meat and poultry industry by providing small and medium-sized enterprises (SMEs) with loans at a 2% interest rate. The program is being funded by the United States Department of Agriculture (USDA). The aim is to build a resilient, independent and local food supply chain. 

Get Free Access to our Cobalt Modern Underwriter GPT

Get Free Access to our Alternative Funding Expert GPT

Get Free Access to our AI Credit Risk Tool

Create an account to Get Free Access to our Secretary of State AI Tool

Subscribe on our YouTube Channel here

See us on LinkedIn