Kaaj, a startup founded by Shivi Sharma and Utsav Shah, has secured $3.8 million in seed funding from Kindred Ventures and Better Tomorrow Ventures. The platform aims to streamline credit risk analysis, particularly for small business owners, by automating the underwriting process. Sharma’s background in credit risk led her to identify inefficiencies in analyzing loans of varying sizes, prompting the creation of Kaaj.
Kaaj’s AI-powered decision-making systems automate credit risk and fraud risk assessments in banking and financial services, enabling faster and more efficient underwriting processes. The platform has already processed over $5 billion in loan applications and counts Amur Equipment Finance and Fundr among its clients.
Traditionally, underwriters spend days manually verifying financial documents when processing loan applications. Kaaj’s solution significantly reduces this time by automating much of the analysis, allowing underwriting to be completed in minutes rather than days.
This funding round will enable Kaaj to further develop its automation platform and expand its reach in the financial services industry.
Source: TechCrunch