Fintech firm Saris has secured $28.8m in Series A funding round to help expand its workflow software for banks and credit unions.

The financing was led by 8VC. Audacious Ventures, Homebrew, Btech Consortium, and Service Ventures also participated.

Proceeds will go toward expanding adoption among financial institutions, expanding connections with partners such as Fiserv, Encompass, and MeridianLink, and staffing teams responsible for training and implementation.

Saris develops software for banks and credit unions aimed at handling routine, high-volume processes in lending, compliance and operations.

Its system is designed for financial services and is trained on the institution’s existing processes and systems while working with human supervision.

Many financial institutions are dealing with rapid technological change, high customer demand, and pressure to operate within existing resources, the company said. Back-office staff are still spending significant time on document checks, data verification, and other repetitive processes, he said.

According to Sars, its system can shorten tasks from hours to minutes, automate up to 70 percent of tasks in consumer, mortgage and commercial lending, and reduce costs by up to 35 percent. The company has enabled banks and credit unions to increase productivity without increasing headcount.

Daniyal Jameel, co-founder and CEO of Saris, said: “Our vision is a future where humans and AI work side by side in financial services.

“The best organizations won’t replace people; they will empower people to do more with less stress and, in turn, better serve customers and members. Our platform already delivers measurable results, and this funding allows us to bring it to more organizations, faster.”

“Fintech firm Saris secures $28.8m in Series A” was originally created and published by Retail Banker Internationala brand owned by Global Data.

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