Automation-focused fintech platform Worth raised $25 million in new funding.
The received capital will help the mentioned company to improve its platform, which specializes in onboarding and underwriting workflow automation. The relevant information is contained in the press release of the firm published last Wednesday, March 12.
The specified press release also noted that enterprises often face difficulties due to time-consuming underwriting and onboarding processes coupled with outdated systems that struggle to flag risk accounts efficiently.
Worth offers customers a solution by employing a proprietary database of over 242 million small businesses and analyzing over 1,100 data points in real time to drive the highest match rates in the industry and seamless pre-filling capabilities. This helps companies make better and more accurate underwriting decisions.
Besides, the press release noted that the new funding led by TTV Capital will help Worth, as the firm will add larger financial institutions to its roster of clients.
Worth chief executive officer and co-founder Suneera Madhani said that the financial industry is at a turning point, and the firm could not be more excited to drive meaningful change. She also noted that financial institutions need smarter and faster solutions to stay competitive. According to her, Worth is bridging the gap with workflow automation, which eliminates inefficiency and accelerates decision-making.
Recently, statements have been increasingly made about the potential of artificial intelligence as a source of revolutionary changes in the financial sector. The results of industry research indicate that in the United States, more than 70% of finance leaders actively use machine intelligence in their operations. One of the most common applications of artificial intelligence is fraud detection and customer onboarding automation. Among other things, financial leaders see machine intelligence as a tool to increase efficiency and create a hyper-personalized customer experience.
As we have reported earlier, Fintech Zolve Raises $251 Million.
