Rekord, a startup based in Dublin, has successfully secured $2.1 million in pre-seed funding to develop its AI-driven orchestration platform designed for credit decision-making.
The funding round was spearheaded by Point Nine Capital, with participation from Octopus Ventures, Hello World, Baseline, and several angel investors, including Eugene Danilkis, the co-founder of the core banking platform Mambu.
Despite the staggering global volume of $10 trillion in loans originated annually, the credit processing landscape remains laden with manual tasks and fragmented systems. Rekord aims to tackle this inefficiency by creating a cohesive orchestration layer that integrates various core banking systems, loan origination platforms, spreadsheets, and external data sources utilized by lenders for processing credit applications.
The startup is currently preparing to launch pilot programs with partner firms to demonstrate its capability to reduce costs and enhance the customer experience. In the coming six months, Rekord plans to onboard additional design partners, expand its presence in EU and UK markets, and significantly increase its workforce.
Christopher Lynch, CEO of Rekord, stated, “Our platform can reduce manual tasks in credit origination by up to 80%, enabling teams to concentrate on customer interactions and complex cases while maintaining compliance and transparency in decision-making.”