Crest Savings Bank in New Jersey has opted for the commercial lending technology from start-up Vine.
Hosted on Amazon Web Services (AWS), the lendtech’s AI-powered platform will cover the entire commercial loan lifecycle for Crest Savings, according to Vine, with AI tools for financial spreading, communication, document processing, underwriting and cash flow analysis.
The platform’s commercial debut was expedited by a seed funding round in June. The amount raised was undisclosed, but included support from former Chief National Bank Examiner Blake Paulson, ICBA executive vice president Charles Potts, and entrepreneurs from Xtensifi, Gro Solutions, and Malauzai Software.
Since then, Freedom Bank in Montana, Triad Bank in Oklahoma, and HSLC in Ohio, have all gone live with the Vine platform.
Vine’s latest technology taker, Crest Savings, is a community bank that has been serving Cape May County since 1919. Its commercial lending activities include construction loans, hotel loans, and other business lines of credit.
Lending operations are currently headed by senior vice president and chief lending officer Ed Savino, with the bank maintaining a loan book of $458 million last year.
Source: https://www.fintechfutures.com/
