LendAPI, part of Techstars 2024 cohort, has raised $3.2 million in seed funding.
Cohen Circle led the funding round, which included the participation of Great North Ventures, AlleyCorp, Techstars, Plug and Play, and Interlock Capital.
According to a release, LendAPI’s tech stack aims to provide a digital lending service for Fintechs, banks, and other financial services firms. The product is said to be able to go live on a customer’s site within hours.
This past March 2024, LendAPI reported an “impressive client base,” which is said to include publicly traded neobanks, regional banks, PoS financing firms, and retailers looking for a white-label BNPL product. LendAPI says it has processed more than six million applications to date while adding new features like AI-fueled mortgages and other real estate finance.
The new funding is expected to help the company expand its feature set and broaden its reach across multiple financial verticals.
Future plans are said to include boosting its AI capabilities and launching new integrations.
LendAPI adds that it will also target emerging markets in financial services, such as Insurtech, by providing a seamless digital process that incorporates compliance and customizations.
Timothy Li, LendAPI’s CEO and co-founder—a serial entrepreneur well-known in the Fintech ecosystem—said they are here to build a better future with financial products and services that can happen with a single click.
“Seeing our team work tirelessly towards this goal is what made this investment round so special.”
Kate Johnson from Cohen Circle described LendAPI’s platform as providing “unprecedented speed, flexibility, and scalability within the Fintech payments sector” predicting the team will “redefine the financial technology landscape.”