US fintech start-up Salient, which offers an AI-powered platform designed to automate and streamline loan servicing processes, has secured $60 million in a Series A funding round.
The round was led by Andreesen Horowitz with participation from Y Combinator, Matrix Partners, and US businessman Michael Ovitz.
Salient’s loan servicing platform provides portfolio insights, fraud detection, and automated workflow capabilities alongside AI-powered tools for compliance monitoring and customer communications.
The company, which counts the likes of American Credit Acceptance, Exeter Finance, and Westlake Financial as customers, says it has “processed over $1 billion in transactions, helping lenders cut handle times by 60%” since its launch in 2023.
Salient says the new funding will fuel its “expansion into additional downstream servicing workflows that have traditionally required significant manual oversight”.
Specifically, the company says it plans to add new capabilities for “credit dispute resolution, title management automation, complaint handling and resolution, and other complex servicing operations that extend beyond traditional collections activities”.
“Our vision is to create an end-to-end AI-powered loan servicing ecosystem that handles everything from initial customer onboarding through charge off,” says Salient CEO and co-founder Ari Malik.
Source: https://www.fintechfutures.com/
