Wort, a company focused on helping fintechs, banks, and enterprises underwrite small and medium-sized businesses more easy, have Raised $ 20 Million in a Seed Funding Round, the Startup Tells TellS TellS Exclusively.
It’s a large seed round, especially these days when capital is harder to come by. But the founders’ History may have some something to do with that. Sal rehmetullah and sunera madhani, who are siblings, also founded another Fintech Company, Stax Payments. They Exited that Startup After Nearly 10 years when it was valued at “North of $ 1.1 billion,” said Madhani, after growing it to over $ 140 million in recurring revanue and Raising $ 245 Million in Funding. (Still Operates but the Pair Haven’t Part of the Business in Over Two Years.)
Now they’re aiming to take their Learnings from that experience to grow orlando, florida-based Wortwhich they say is providing “Frictionless” Onboarding and underwriting for SMBS Applying for Credit-Based Products, Loans, Or Financing.
“Today, as a consumer you can apply for an apple card on your phone and use it minutes later at a coffee shop. It’s instant and seamless. But if you’re a small business applying for the same credit card, finance, merchant services, or a new bank account? That is a different story, “Madhani said.
And when a small business applies for finance, credit cards, loans, any financial service or onboarding to enterprises, they often have to complete a cumbersome applie Documents, and Wait Several Days – and in some cases, weeks – for a response, she added.
Wort Says its technology “Fixes” these issues, meaning that SMBS INTEAD FACE LESS Paperwork, Less Application Abandonment, Fewer Delays, and Faster Appliances when applying for crads or loans. It claims that IT Helps Entities “Quickly and Easily” Prefill, Onboard, and Underwrite Small Businesses with Just Three Fields: Their Name, Address, and Tax ID.
It does this by pre-filling an application with Necessary data and automating all the checks a Financial Institution Needs to do, said rehmetullah. Theose checks include know your business (KYB), Know Your Customer (KYC), Ownership Identity Verification, Fraud Verification, Bank Account Verification, and Financial Statement Analysis in Real Time. And, Worth Says it is able to perform those checks on SMBS and Business Ownes Across the Globe, Not just in the united states.
Wort, which launched its product a year ago, have used artificial intelligence and a strategic relationship with equifax to build a proprietary set of data on more than 242 Million Global Smbal Sambs by Analyzing Large Volumes of Data from Bank Accounts, Tax Returns, Quickbooks, Stripe, and other sources. By continuously updating it, it’s al’s removed, financial institutions, credit unions, payment processers, and fintechs with real-time data, Said LEAD Investor Neil Kapur, PARTNER KAPUR, PARTNER Whoch Led the Startup’s Equity Raise.
“We have the full 360 Financial data of a small business, which has been nonexistent,” Rehmetullah said.
While The Founders Won’t disclose hard reviews to date, they told techcrunch that the startup’s arr is in the “seven figures,” and that its growing is “Exciting the triple digits,” Customers in the fourth Quarter of 2024 Alone.
Worth currently has over 25 clients, including aurora payments, Repay holdings, Fairwinds, and Patientfi, Among others.
The company makes money by charging a platform fee for access to Pre-Filling Capabilites, Instant Verification Services, A Case Management Database, Ongoing Predictive Monitoring, and AI-Based Faatures. It also charges a per-style verification usage fee.
Looking ahead, Worth plans to launch a “Worth score,” Or business credit score, to SMBS directly in Early 2026 in an effort to help them better understand their Financial Health.
Presently, Worth Has more than 50 full-time employers.
TTV Capital Led the Equity Raise, which also included participation from Ingeborg, Florida Funders, Deep Work Capital, And Florida Oportunity Fund. Worth also secure $ 5 million in Debt Funding from silicon valley bank.
Wort plans to use its new capital primarily to scale its organization, particularly across sales and marketing.
TTV’s Kapur Believes That Wort is Increasing Operational Efficiency for Customers in An Automated Way, “What provides immediati and quantified measurable roi.” His firm also believes that Worth’s Founding Team “is uniquely qualified” to solve the challenges of onboarding and underwriting for financial institutions.
“TTV is investment in the founders as much as the idea itself,” He Told Techcrunch.