FinTech News
Model ML Raises “One of The Largest FinTech Series A Rounds”
An AI automation platform for financial services has raised what they describe as one of the largest FinTech Series A rounds in history.
About Model ML’s Funding Round:
This week, Model ML revealed that it had raised $75 million. The Series A was led by FT Partners with participation from Y Combinator, QED, 13Books, Latitude, and LocalGlobe. To date, the company has now raised $87.5 million, including a $12 million seed round earlier this year (which LocalGlobe and Y Combinator were also a part of).
With the new funds, Model ML says it will be able to accelerate its global expansion. Specifically, the company intends to establish teams in key financial hubs such as San Francisco, New York, London, and Hong Kong.
With Model ML, financial services firms can automate workflows and review a variety of document types. Among the features and applications listed on its site are market mapping, financial benchmarking, competitive analysis, and much more.
What They’re Saying:
Announcing the Series A, Model ML’s CEO Chaz Englander said, “We’re thrilled to announce this round with such an exceptional group of investors as we continue our mission to transform how financial institutions work. This financing enables us to accelerate global expansion and advance our AI capabilities across key financial hubs as we scale to meet rapidly growing enterprise demand.”
Englander added, “We couldn’t imagine a better strategic partner for us than FT Partners – Steve McLaughlin and his team have long been pioneers in leveraging data and technology in investment banking, and our tight collaboration will show how AI can redefine the entire financial advisory workflow.”
On the other end of the transaction, FT Partners founder and CEO Steve McLaughlin said of the investment, “Model ML is setting a new standard for how financial institutions leverage AI to achieve superior client results. While we expect significant efficiency gains, the true power of Model ML lies in the insights it will unlock for our clients, investors, and the broader FinTech ecosystem. We believe Model ML will fuel the next evolution of world-class service for our clients and transparency across all stakeholders in transactions.”
My Thoughts:
While I don’t have a list of the largest FinTech Series A funding rounds handy, there’s no doubt that $75 million is significant. Moreover, FT Partners and Y Combinator are major names in the world of FinTech venture capital. Add in the fact that this comes just a few months after Model ML’s seed round and it’s clear that the startup is on a fast track to success.
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