US-based lendtech Curu has raised $3 million in seed funding from several venture capital firms.
Fintech specialist Vestigo Ventures led the funding round, with Harlem Capital, Matchstick Ventures, Carolina Fintech Ventures, Techstars Ventures, Holt Accelerator, Chingona Ventures and Upscale Fund also participating.
Curu is committed to solving the applicant retention problem for lenders by helping them to expand their total available market, reduce their customer acquisition costs, and fund more loans by improving applicant eligibility in as little as 90 days.
Abb Kapoor, co-founder, and chief operating officer, explained: “Curu is on a mission to provide a path to financial wellness for those without one. Our B2B SaaS platform replaces lenders’ traditional rejection emails with a retention-driving Approval Dashboard where applicants can see where they fell short and follow customised steps toward eligibility.”
The startup intends to use the $3 million in seed funding to scale its solution via integrations with banks, credit unions and online lenders across North America.
David Potter, co-founder and chief executive officer at Curu, said: “We are beyond excited to close this round and partner with our new investors. Each has unique expertise that complements Curu’s business objectives and goal to become the standard lead recovery solution for all lenders.”
“As Covid-19 sweeps the globe, the need for credit has spiked, yet the bridge between lenders and borrowers is longer than ever before. The entire team is ready to make a massive impact on the lending space—improving outcomes for both lenders and applicants.”
This round follows Curu’s pre-seed raise, which closed in September of 2019. In just nine months, Curu successfully repositioned its direct-to-consumer application to an integrated SaaS product offering for banks, lenders and credit unions.
In March, Curu went live with its first enterprise partner, Bank Novo, and launched with its second partner, LendKey, last month.