AI-Native Loan Origination Platform Casca Raises $29 Million to Replace Legacy Lending

Casca, the first AI-native loan origination platform, today announced it raised $29 million in its Series A, bringing its total in funding to-date to $33 million. 

Only 15 months after its pre-seed raise, Casca is leapfrogging the competition with superior functionality and dramatically faster loan processing–funding commercial loans up to 10 times faster than other fintechs and 30 times faster than industry averages. Casca will use this funding to scale its operations, expand its team, and accelerate go-to-market efforts–making the platform more accessible to additional financial institutions.  

Canapi Ventures, a venture and growth equity firm backed by over 70 financial institutions, led the round. “Casca stands out in many ways,” said Neil Underwood, co-founder and general partner. “They’ve worked alongside top AI researchers and within banks themselves to simplify business lending using responsible AI and bank-grade underwriting. With Casca, local financial institutions become the lender of choice–offering more affordable rates and keeping capital within the community. It’s a big step for banking, and we’re proud to be part of it.” 

Casca’s flagship customers – Live Oak Bank, the nation’s leading U.S. Small Business Administration SBA 7(a) lender by dollar volume, Huntington National Bank, the nation’s largest originator, by volume of SBA 7(a) loans, and Bankwell Bank, Casca’s first customer – all invested. Bankwell, Y Combinator, and Peterson Ventures, a renowned investor in the vertical SaaS sector, multiplied their investments from the pre-seed raise. Alliance Funding Group, one of the fastest-growing independent leasing companies in the U.S., participated as well. 

Chip Mahan, CEO and chairman of Live Oak Bancshares, commented, “Businesses trust Live Oak Bank to provide a personalized, modern approach to lending, which is key to maintaining our leadership in the market. Casca simplifies and accelerates our lending processes while equipping us with the insights needed to build lasting relationships. The tangible value Casca has demonstrated gives us confidence to invest in their future.”

“At Huntington, we are committed to supporting small businesses at every stage of their journey,” shared Christian Corts, regional banking director at Huntington Bank. “Our investment in Casca modernizes the lending experience and expands our ability to deliver the guidance, tools and resources these entrepreneurs need to grow and thrive” 

“We’re driven to be a force for good, using technology to make capital more accessible to small businesses and fueling the American Dream,” said Lukas Haffer, CEO and co-founder of Casca. “Partnering with the top SBA lenders and key industry players, we’ve built a platform that fully automates commercial loans in record time–setting a new industry standard. This is a game changer, and now we are ready to scale responsibly, reaching more institutions with the white-glove service our clients expect.”