Boston-based startup EnFi has successfully raised $15 million in a venture capital funding round to expand the deployment of its artificial intelligence agents. These AI agents are designed to analyse credit applications and assist in decision-making processes for financial institutions. EnFi aims to help banks streamline lending operations through automation.
The funding round was led by Fintop, with participation from Patriot Financial Partners, Commerce Ventures, Unusual Ventures, and Boston Seed Capital. Collectively, these investors are affiliated with over 150 financial institutions, predominantly regional and community banks. This latest capital injection brings EnFi’s total funding to $22.5 million.
According to Joshua Summers, EnFi co-founder and CEO, regional and community banks are facing challenges in filling credit analyst positions, which limits the number of credit applications they can process. He stated that the implementation of AI agents enhances the competitiveness of smaller banks in the credit market. Scott Weller, co-founder and CTO, noted that banks are adapting the AI agents to suit their specific credit portfolio requirements. The AI agents also allow users to check applicants’ leverage, collateral and credit history with greater ease.
EnFi provides AI-powered solutions to automate and improve credit analysis in financial institutions. Their AI agents are designed to learn and adapt, supporting credit analysts and enhancing lending processes. In some instances, credit analysts using the agents suggested new uses to reduce mundane work, such as screening credit documents for discrepancies.
