The firm also reveals the latest lender to implement its lending platform
Lending tech start-up SAVVYY has announced that it has raised $5.7 million in its latest funding round.
In a statement, SAVVYY said that investors include “prominent leaders in the financial services industry,” including Joe Canavan, principal of Canavan Capital; Michael Zych, former global head of fixed income at Scotiabank; and fintech investors Kevin Walton and Michael Vanderkaden.
“The funding will help SAVVYY accelerate its efforts to modernize antiquated lending infrastructure by introducing a cloud-based AI-powered platform for Canadian banks and lenders,” SAVVYY said. “The next generation underwriting platform will allow lenders to transform manual, outdated systems into an automated and streamlined process, resulting in a significantly improved client experience.”
“We’re on a mission to transform banks into fintechs, and today’s funding announcement brings us one step closer to bringing our AI-ready Canadian mortgage underwriting platform to all Canadian lenders,” said Sal Naran, co-founder of SAVVYY. “Our team of technology and financial services leaders, along with our prominent list of investors, clients and partners, makes us well-positioned to transform the lending industry in Canada – an industry that is long overdue for a technology-based transformation.”
The start-up also announced that it is working with three Canadian Schedule I banks – including Concentra Bank, which implemented the SAVVYY platform to facilitate its re-entry into the residential mortgage lending space.
“Moving to a cloud-based lending platform like SAVVYY allows our team to focus on the big picture: our technology architecture and our business,” said Neal Oswald, chief operating officer and senior vice president at Concentra Bank. “SAVVYY’s flexibility has allowed us to respond rapidly to changing market conditions by adding products, managing rates, and integrating with other microservices. Collaboration with SAVVYY is integral to our future integration with other fintechs.”
