We’re excited to announce that Vero Technologies has raised $8.5 million in Series A financing.
The round was led by BankTech Ventures (a recently launched $115 million VC fund with 100+ community bank LPs). The round also included participation from Sopra Steria Ventures (VC arm of the publicly traded French consulting and software development firm with 50,000 employees), Antler (the most active seed stage VC in 2023), Arcadia Funds, LLC, AAF Management Ltd., and the Independent Community Bankers of America.
Fintech Ventures Fund was a significant investor in Vero’s $4 million Seed Round in 2022, and we’ve been excited to see the company’s growth since our partnership with the company. Let us extend our congratulations to the entire team at Vero Technologies!
Press Release:
NEW YORK--(BUSINESS WIRE)--Vero Technologies, a wholesale financing technology and loan servicing platform, today 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 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.
Manufactured goods dealers, such as auto, powersports and agricultural equipment dealers, need capital to acquire inventory from manufacturers and suppliers. Historically, banks have been unable to offer this form of wholesale–or “floor plan”–financing due to complexities with originating, servicing and monitoring dealers. Vero Technologies’ lending-as-a-service platform streamlines these processes so that banks can extend wholesale financing to dealers in their local communities–all without overhauling existing systems or adding specialized headcount.
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. 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 lower cost of funds and enhancing 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," said 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’ 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," said 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.
For more about Vero, please visit www.vero-technologies.com.
About Vero:
Vero Technologies is a leading provider of wholesale financing solutions for dealers across auto, marine, powersports, agricultural equipment, among other verticals of manufactured goods. Vero partners with banks and specialty finance companies to enable its lending-as-a-service program for dealers of manufactured goods. Its innovative platform offers real-time inventory and financial analytics, advanced risk management capabilities, and streamlined operational processes.
About BankTech Ventures:
BankTech Ventures is a venture capital firm built by community bankers for community banks, investing in leading, innovative companies that support the future of the industry. With over 100 community banks LPs, 15 portfolio companies, and a team of bank, fintech and investment professionals, BankTech’s ecosystem is ensuring a vibrant future for community banking.
Learn more at www.banktechventures.com.
Media Coverage:
AlleyWatch - “#NYCtech Week in Review: 9/17/23 – 9/23/23”
Fintech Magazine - “Fintech Vero Technologies raises US$8.5m in Series A funding”