![[Funding news] NYC-based Algebrik AI Secures $4Million in Series A Round Funding](https://startuprise.io/wp-content/uploads/2024/11/NYC-based-Algebrik-AI-Secures-4Million-in-Series-A-Round-Funding.webp)
Algebrik AI, a company offering a cloud-based, AI-powered loan origination platform, has secured $4 million in Series A funding. The investment is pending approval from the relevant regulatory authorities, and the identities of the investors have not been revealed.
The company plans to use the funds to speed up the development of its software, enhance its solutions, and strengthen its position in a market expected to grow to $12.2 billion by 2032, with an annual growth rate of 10.2%.
Read also – [Funding news] NC-based mPATH Secures $3Million in Funding
Founded by CEO Pankaj Jain, Algebrik AI provides a modern loan origination system (LOS) designed to help credit unions, mid-sized banks, and lenders of all types attract, engage, and retain customers.
About Algebrik AI
Algebrik AI is the world’s first cloud-native, AI-powered loan origination platform. With the last major innovation in lending tech happening over 25 years ago, the company aims to help credit unions of all sizes switch to future-proof technology that is designed to attract and retain younger members, including Gen Z and Gen Alpha.
