Blooma, a U.S.-based loan origination AI platform, announced earlier this week it secured $2.75 million through its seed funding round, which was led by Floodgate with participation from Abstract Ventures, Crescent Ridge Partners and Serra Ventures.
Blooma reported that it launched its first production module this past May to offer an AI-driven platform designed to take commercial lenders from the point of the borrower’s request all the way to the credit memo stage without manual intervention. Early users of the platform have been able to reduce loan origination time and costs by as much as 75%. Blooma’s Co-founder and CEO, Shayne Skaff, stated:
“The Blooma platform improves lending profitability and quickly aligns lenders with desired borrower profiles, enabling them to make better decisions and speed the overall origination process, from prioritizing the right deals, to creating configurable workflows and risk settings, to driving simplicity and productivity throughout every stage of the complex commercial lending process. In early use cases, our commercial lending customers are experiencing significant improvements in time to revenue.”
Blooma went on to add that its target customers include lending organizations, such as commercial and private banks, with $1 billion or more in commercial real estate assets.
“The company aims to license the Blooma platform to these lenders, enabling customization that meets each customer’s precise requirements for borrower profiles, compliance preferences, sales pipeline management and more.”