CPE News (9.28.2022) – VeriFast has secured $3.5 million in seed funding led by M3 Financial Group with participation of Scott McGillivray, Michael Sarracini of Keyspire, and Susan White Livermore.
Founded by CEO Tim Ray, CTO Craig Schoen, and COO Chad Guziewicz, Belleville, Ontario based VeriFast provides a single-source configurable API platform that allows companies to immediately validate customers’ ability to pay while eliminating fraud.
Montreal based M3 Group is the #1 non-bank mortgage originator and undisputed leader in mortgage brokerage across Canada. M3 is baced by Caisse de dépôt et placement du Québec (CDPQ).
photo credit: VeriFast
Financial Verification Platform VeriFast Completes $3.5MM Seed Funding Round Led by M3 Financial Group to Accelerate Expansion into Mortgage Underwriting
Investors include well-known real estate and investment personalities Scott McGillivray, Susan Livermore and Michael Sarracini
September 28, 2022 07:45 AM Eastern Daylight Time
TORONTO & RIDGEWOOD, N.J.–(BUSINESS WIRE)–VeriFast, the AI-powered Verification-as-a-Service platform that automates financial analysis and decision making for tenant screening, mortgage underwriting, and other verticals, today announced that it has secured an initial funding round led by M3 Financial Group and noted real estate investor and HGTV star Scott McGillivray, Michael Sarracini of Keyspire, and “Millionaire Mom” investor Susan White Livermore.
VeriFast Co-Founder Tim Ray said, “Efficiently collecting and analyzing financial data is at the core of every business that requires underwriting approval of new customers. Our platform offers clients transparency with faster decisioning integrated into their existing workflows. VeriFast has multiple partnerships with leading proptech platforms in the U.S. and Canada to automate financial and KYC-ID verifications. We are also experiencing rapid solution adoption with mortgage lenders who want to digitize and streamline their pre-approval and underwriting processes, shaving labor costs and compressing approval cycles by up to 90%.”
VeriFast provides a single-source configurable API that empowers companies to seamlessly integrate biometric identity verification, banking data, payroll insights and tax transcript data to their existing process flows. The platform analyzes applicants’ real-time financial health via their digital banking data with advanced AI to verify their identity, income, assets, employment, past rent/mortgage payments, bill payments, ability to pay and other critical screening data points far beyond traditional credit checks. VeriFast securely automates the end-to-end verification process compressing rental and mortgage application processes from hours/days to minutes, at a fraction of the cost.
Sarracini said, “VeriFast removes the guesswork from tenant screening and provides a non-biased, transparent view of an applicant’s full financial profile. This is a critical gap in the existing real estate market. VeriFast has a proven technology that solves an industry-wide problem that literally every property owner and manager faces.”
“Entrepreneurs at heart, we’re excited by VeriFast’s deep talent, technology and tenacity to move this industry forward,” said Michael Beckette, President, M3 Ventures. “Brokers and lenders across the ecosystem will benefit greatly by the platform’s transactional speed and easy integration to bundle and cross reference multiple borrower data. In this business, it’s always faster, easier and better to confirm information directly from the source. VeriFast enables brokers and lenders to do just that quickly and easily.”
VeriFast provides a single-source configurable API platform that allows companies to immediately validate customers’ ability to pay while eliminating fraud. Delivering deep analytics in minutes, VeriFast provides powerful consumer – borrower insights far beyond conventional credit checks. The company is based in Toronto and has customers throughout North America. VeriFast is privately held.
For more information on VeriFast, please visit the company website at www.verifast.com.
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About M3 Financial Group
Based in Montreal, Quebec, The M3 Group is the #1 non-bank mortgage originator and undisputed leader in mortgage brokerage across Canada. With more than 8,300 brokers and $70+billion in annual loan volumes on a trailing twelve month basis, the broker-led, data driven, consumer obsessed group and its subsidiaries, Multi-Prêts Mortgages, Mortgage Alliance, Invis, Mortgage Intelligence, Verico, Simplinsur/SimplAssur, M3 Tech, M3 Ventures,YourMortgageMarket.com and Pinch Financial have a single goal: be the best consumer ally when it comes to serving the financial needs of Canadians from coast to coast.
For more information on M3 Financial Group, please visit the company website at https://www.m3-grp.com
Angelo D. Jones II