Vero Technologies, a wholesale financing technology and loan servicing platform, has announced the close of its $8.5M Series A funding round. Led by venture capital fund BankTech Ventures, Vero received significant investment from Sopra Steria Ventures and other notable fintech investors, including Arcadia Funds, Antler, AAF Management, and the Independent Community Bankers of America.
Vero says it will use the capital to accelerate the growth of its lending-as-a-service (LAAS) offering, giving banks a digital solution for the financial processes that stand in the way of their expansion in the wholesale financing space.
The platform leverages open banking technology to offer end-to-end loan lifecycle management to its current user base of community and regional banks across the country, according to Vero. Its capabilities span everything from underwriting, loan servicing and digital auditing to real-time inventory, risk management and financial analytics. As a result, banks can profitably introduce wholesale financing while providing dealers with lower-cost funds and enhanced operational efficiencies. The platform also includes dealer and supplier-facing tools to eliminate unnecessary manual interactions.
“We’ve been fortunate to build a viable product and achieve initial market penetration with minimal funding to date. Now, as we set out to expand, we’re pleased to do so in partnership with BankTech Ventures, Sopra Steria Ventures and other strategic investors who share our vision of providing banks with a bespoke solution for wholesale finance,” says John Mizzi, CEO of Vero Technologies. “This investment will enable us to build our growing footprint with community and regional banks across the country and enhance our platform’s capabilities.”
For dealers and manufacturers with limited options for wholesale financing, Vero Technologies says its solution represents a differentiated value proposition. Through Vero, these dealers now have access to lower-cost funds through their preferred financial services partners, ensuring that dealers can consolidate their financial resources and drive business growth.
“We are excited to lead the Series A funding round for Vero,” says Carey Ransom, managing director of BankTech Ventures. “Their commitment to driving innovation within community banking aligns perfectly with BankTech’s mission to expand community bank capabilities. We believe Vero has tremendous potential to transform the inventory financing landscape and create significant value for dealers and lenders alike.”
Vero Technologies and Sopra Banking Software (part of the Sopra Steria Group), are working on a commercial partnership that will make Vero’s technology available to the wider wholesale finance market with similar large-scale financing ambitions, according to a press release.