SAN FRANCISCO, CA / 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 financials, contracts, and business plans. Today, these documents are largely collected and processed manually, which slows the lending process.
"Commercial lenders - including banks and non-bank lenders - don't have the tools they need to collect and process complex documents online and at scale," said Diego Represas, Founder and Head of Able. "As a result, everyone involved in the loan process - lenders, borrowers, lawyers, accountants - spends more time on paperwork than they need to, and loan decisions take longer than they should. We're fixing that."
While Able was building its initial product, the team spent hundreds of hours on-site with commercial lenders. Able found that, at one lender, excess document requests added more than 30 days onto every funded loan application. At another lender, key employees spent over a third of their time on tasks that could be easily automated, such as splitting pdfs 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 loan lifecycle," said Neil Underwood, General Partner at Canapi Ventures and President of Live Oak Bank. "Able cuts the time and resources needed to process any business loan. Lenders get better economics and a scalable platform for growth. Everyone gets 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 designees, submit documents online, via email, or in-person. Then Able reviews and organizes everything for the relationship manager. Automated follow-up communications keep the process on track.
Able connects lenders' existing loan origination, content management, email, and CRM systems to make information easier to find. Each party involved in the transaction has secure, digital access to all of the information they need - and none of the information they don't.
Commercial lenders use Able to engage borrowers across the loan lifecycle, from the initial screening process through servicing and renewals. Information requests can be saved and automated at the borrower level or across groups of borrowers, reducing the processing time and resources needed at every stage of the lifecycle.
About Able
Able is an AI platform that expedites 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 collect and process borrower information quickly and engage borrowers throughout the lifecycle of the loan.
Able was founded in 2020 in San Francisco. Visit able.ai for more.
About Canapi
Canapi Ventures is a venture capital firm investing in early to growth-stage fintech companies. Our partners have been at the forefront of financial services innovation as operators, investors, bankers, advisors, 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.
CONTACT:
Christina Levin
christina@calibercorporate.com
+17183001597
SOURCE: Able
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https://www.accesswire.com/705203/Able-Raises-20-Million-Series-A-to-Expedite-Commercial-Loan-Processing
