Vero Technologies offers a lending-as-a-service (LAAS) platform that enables community and regional banks to originate, service and monitor wholesale or "floor plan" financing for dealers of manufactured goods such as auto, powersports and agricultural equipment. The platform leverages open banking technology to provide end-to-end loan lifecycle management, including underwriting, loan servicing, digital auditing, real-time inventory tracking, risk management and financial analytics. It also provides dealer- and supplier-facing tools to reduce manual interactions and aims to let banks introduce wholesale financing without overhauling existing systems or adding specialized headcount. Vero says it has achieved initial market penetration with minimal prior funding and currently serves community and regional banks across the country. The company will use the $8.5M Series A to accelerate growth of its LAAS offering, expand its footprint with community and regional banks, and enhance platform capabilities. Vero is working on a commercial partnership with Sopra Banking Software (part of the Sopra Steria Group) to make its technology available to the wider wholesale finance market.

Total raised

$9M

Funding rounds

1

Latest round

Series A

Latest activity

Sep 2023