Rekord, a Dublin-based startup building an AI-native orchestration platform for credit decisioning, has raised $2.1 million in pre-seed funding.
The round was led by Point Nine Capital, and joined by Octopus Ventures, Hello World, Baseline, and a group of angel investors such as Eugene Danilkis, co-founder of core-banking platform Mambu.
Despite the fact that $10 trillion in loans are originated worldwide every year, the process remains heavily dependent on manual work and disconnected systems, says Rekord.
The startup aims to fix this with a single orchestration layer that brings together the patchwork of core banking systems, loan origination platforms, spreadsheets and external data sources used by lenders to process credit applications.
It is currently preparing launch pilots with partner firms as it seeks to demonstrate how it can reduce costs and improve customer experience.
With funding in place, over the next six months it also plans to onboard additional design partners, expand in the EU and UK markets, and triple the size of its team.
Christopher Lynch, CEO, Rekord, says: “Rekord can reduce the manual work in credit origination by up to 80%, freeing teams to focus on customers and complex cases while ensuring decisions remain compliant and explainable."