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The $40 trillion asset-based finance and private credit market continues to operate with outdated systems, manual processes and fragmented data.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.
SOURCE: PRNewsWire