Cardo AI Announces $15Mn Series A Funding Co-Led By Blackstone, FINTOP Capital And JAM FINTOP

(MENAFN- PR Newswire)

New funding from Blackstone Innovations Investments, FINTOP Capital and JAM FINTOP will support Cardo AI's expansion into the U.S. market and accelerate its mission to scale asset-based finance and
private
credit with
modern
technology.

NEW YORK, Nov. 20, 2024 /PRNewswire/ -- Cardo AI, a next generation asset-based finance and private credit technology platform, has completed its $15mn Series A round. The investment was co-led by
Blackstone
Innovations Investments , Blackstone's early-stage strategic investment arm, FINTOP Capital and JAM
FINTOP . Andy Horwitz and Kevin MacDonald, co-founders of Black Mountain Systems, also participated in the round.

The
$40 trillion asset-based
finance and
private credit
market
continues to operate
with
outdated systems, manual processes and fragmented data. As the market expands with increasingly complex
investment strategies, Cardo AI is modernizing the sector's operations with advanced portfolio modeling and collateral data management technology. The platform facilitates investment decision-making and portfolio monitoring of multi-strategy credit portfolios for industry stakeholders-from investors to banks and servicers-leveraging advanced software workflows, a powerful data engine and predictive AI algorithms. The platform also supports
servicers, trustees and fund administrators in streamlining operations and reducing costs.

Founded in 2018, Cardo AI rapidly expanded its presence throughout Europe, with early support from
Fasanara Capital, before entering the U.S. market earlier this year. Over the past few months, Cardo has
onboarded several of the most sophisticated private credit and asset-based finance investors in the U.S.
In
addition
to co-leading
the Series
A round,
Blackstone is
leveraging
Cardo AI's
technology
in
its
Credit &
Insurance operations
to support direct
lending
and
asset-based finance transactions.

Co-leads
FINTOP Capital
and
JAM
FINTOP
bring
deep
operating
expertise
and
a
strategic
network of
nearly
100 regional and community banks. Rick Kushel leads the investment for FINTOP and brings over three
decades of
experience
building companies
such
as iLevel
Solutions
and
DealCloud.

Altin Kadareja , Founder and CEO of Cardo AI : "Our expansion into the US market, supported by such
prestigious institutions, highlights Cardo AI's ability to deliver powerful technology for the alternative credit industry. We are excited to collaborate with new investors and are confident that our platform will play a significant role in scaling the market and enhancing operational excellence for our clients."

John Stecher , Chief Technology Officer at Blackstone, said: "At Blackstone we have seen firsthand the rapid growth in alternative credit. To keep pace, the industry needs to move away from manual, spreadsheet-based processes to embrace scalable technology solutions. Our Credit & Insurance team has been impressed by Cardo AI's robust
portfolio
management
capabilities for complex
instruments."

Rick Kushel,
Managing Partner at FINTOP Capital said: "We see enormous potential for Cardo AI to transform an industry that has been slow in adopting technological innovation. With decades of experience, their team brings the expertise needed to tackle the challenges this market faces. We are excited to support them in setting the standard in asset-based finance and private credit technology."

About
Cardo AI
Intelligent technology for the asset-based finance market.
Cardo
AI
is
a
global
fintech
company with
the
mission to
make the market more efficient, transparent, and accessible to all players. Using proprietary technology that
integrates software, data, and intelligence Cardo AI accompanies banks, credit originators, servicers, asset managers, and asset owners throughout the entire process of asset based finance investments: from managing data, formulating predictive analytics, and optimizing portfolios. To date, more than $40 billion are managed through its technology platforms, drawing on a team of more than 120 talents.

For
further
information:

Logo:

SOURCE Cardo AI

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE? 440k+
Newsrooms &
Influencers 9k+
Digital Media
Outlets 270k+
Journalists
Opted In GET STARTED

MENAFN20112024003732001241ID1108906981