Vero Technologies, a New York-based wholesale financing technology and loan servicing platform, closed $8.5 million in Series A funding.
The round was led by venture capital fund BankTech Ventures, with participation from Sopra Steria Ventures, Arcadia Funds, Antler, AAF Management, and Independent Community Bankers of America.
Founded in 2021, BankTech Ventures is a strategic investment fund comprised of 100 community banks whose mission is to invest in bank-enabling tech companies and transform community banking together. The firm seeks to invest in the banking, fintech, and technology sectors.
Vero Technologies Use of Funds
The company plans to utilize the capital from this funding round to accelerate the growth of its lending-as-a-service (LAAS) offering. The primary goal is to provide banks with a digital solution to streamline financial processes related to wholesale financing.
About Vero Technologies
Vero Technologies is a provider of wholesale financing solutions for dealers across auto, marine, power sports, and agricultural equipment, among other verticals of manufactured goods. The platform leverages open banking technology and provides end-to-end loan lifecycle management to community and regional banks across the country. Vero partners with banks and specialty finance companies to enable its lending-as-a-service program for dealers of manufactured goods. Its innovative platform offers real-time inventory and financial analytics, advanced risk management capabilities, and streamlined operational processes.
Vero Technologies is working on a commercial partnership with Sopra Banking Software (part of the Sopra Steria Group) to make its technology available to the wider wholesale finance market.
Company: Vero Finance Technologies, Inc.
Round: Series A
Funding Month: September 2023
Lead Investors: BankTech Ventures
Additional Investors: Sopra Steria Ventures, Arcadia Funds, Antler, AAF Management, and Independent Community Bankers of America
Company Website: https://vero-technologies.com/
Software Category: Wholesale Financing Solutions