Worth Raises $25 Million to Bolster Financial Automation Solution

Automation-focused FinTech platform Worth raised $25 million in new funding.

The capital will help Worth enhance its platform, which specializes in onboarding and underwriting workflow automation, the company said in a Wednesday (March 12) news release.

“Enterprises are often held up by time-consuming underwriting and onboarding processes coupled with outdated systems that struggle to flag risk accounts efficiently,” the release said. “Businesses are searching for solutions to streamline operations.”

Worth provides a solution by employing a proprietary database of over 242 million small businesses and analyzing more than 1,100 data points in real time to “drive industry-high match rates and seamless pre-fill capabilities,” according to the release. This helps companies make better and more accurate underwriting decisions.

The new funding — led by TTV Capital — will help Worth as it adds larger financial institutions to its roster of clients, per the release.

“The financial industry is at a turning point, and we couldn’t be more excited to drive meaningful change,” Worth CEO and co-founder said Suneera Madhani said in the release. “Financial institutions need smarter, faster solutions to stay competitive, and Worth is bridging the gap with workflow automation that eliminates inefficiencies and accelerates decision making.”

The potential of artificial intelligence to revolutionize the financial sector can be seen in a range of applications The PYMNTS Intelligence report “Is AI the Master Key to Banking’s Next Era?” found that 72% of finance leaders reported actively using AI in their operations, with its applications ranging from fraud detection (64%) to customer onboarding automation (42%).

Leaders see AI as a tool for efficiency and creating hyper-personalized customer experiences, a critical factor as half of retail banking consumers are not satisfied with their current banking options.

But while AI shows promise, banks still face hurdles when it comes to integrating the technology. Among these obstacles is consumer skepticism, with 20% of American consumers viewing AI tools as a security risk and 14% refusing to interact with AI-powered financial services.

“Such mistrust is compounded by internal challenges; 37% of banks worry that AI could heighten their vulnerability to cyberattacks,” PYMNTS reported in September.