Lender-focused customizable automated underwriting platform among top applicants selected for Newchip’s exclusive accelerator
Ottawa, Ontario, Canada, October 14th 2021 — FundMore.ai, A fintech platform helping companies lend with confidence by optimizing their processes with the help of artificial intelligence, was accepted into Newchip’s renowned global accelerator program. Designed to provide all the skills and tools seed-stage founders need to rapidly fund, build and scale their companies, past accelerator cohorts averaged more than 17.5 times the average funding amount. The equity-free, fully digital accelerator has helped over 1,000 founders from 35 countries raise over $300 million in funding.
“Newchip evaluates a vast and diverse number of companies from across the globe, selecting only a small percentage to be part of our Seed Accelerator program,” says Armando Vera Carvajal, Vice President of Product at Newchip. “This careful vetting process of both the business model and founder makes us an ideal partner for venture capital investors and other key stakeholders in early-stage startup financings who are looking for promising startups. Fintech companies like FundMore.ai can scale quickly with proper funding and guidance. We are excited for FundMore.ai and believe they will do well at Newchip.”
Launched in 2018, FundMore.ai is on a mission to transform the way lending and mortgages are approached by simplifying the lending system, cutting down costs, reducing risk and making your system more efficient with reduced funding times and application evaluation by more than 90%. Since launching, the company has acquired customers among banks, non-bank lenders, credit unions, MICs and private lenders in Canada. FundMore.ai has also partnered with many big players in Loan Origination and Servicing.
“Being part of the Newchip Accelerator, we are looking forward to launching FundMore IQ, our machine learning document validation and compliance module as well as entering the US market,” says Kevin Clark, our Chief Revenue Officer. “We are raising our $4M USD to expand internationally, grow our team and build more products to service the rapidly growing fintech industry.”
FundMore.ai is focused on providing a simpler mortgage experience for customers, brokers, and lenders. Our objective is to provide a fully fundable mortgage decision in minutes. This is a fully underwritten mortgage, by way of aggregating data from our third-party partners, and using our advanced machine learning capabilities to analyze physical documents and subsequently digitize, recognize, extract, sort and validate the data to confirm the mortgage conditions.
Newchip is an online, global startup accelerator, led by a world-class team of entrepreneurs and investors. It was designed to provide founders with the tools needed to rapidly fund, build, and scale. Since its inception in 2019, the equity-free, remote accelerator has helped over 1,000 founders from 35+ countries raise over $300 million in funding. It has three distinct six-month accelerator programs based on company stage: Pre-Seed, Seed, and Series A. Its vast network of global investors, strategic partners, and mentors guide companies from team building and prototype development to securing high-profile VC investment, corporate partnerships, and everything in-between. To learn more visit www.newchip.com.