Small business owners need fast access to capital, with fair rates.

That’s the reality that Lukas Haffer, chief executive of AI-native loan origination provider Casca, tells FinAi News on this episode of “The Buzz” podcast.

For small business owners, the “No. 1 problem is access to capital,” he says. The time it takes to close a Small Business Administration loan, one guaranteed by the SBA, is 90 days, Haffer says.
No one has time for that, he says. And this is where AI and a streamlined experience come in.

Manual procedures in the lending process, including document collection, analysis and communication, can be streamlined with AI, he says. In fact, Casca is working with financial institutions to do just that.

For example, when a client sends an email, creating a response that includes personalized messaging, previous correspondents, and necessary information, it can take 20 to 25 minutes, Haffer says. With Casca, that message can be created in 63 seconds.

Casca, founded in 2023, continues to grow. Its most recent fundraise consisted of $29 million in a series A round, bringing total funding to $33 million, according to the company. The round was led by Canapi Ventures. Live Oak Bank, Huntington National Bank and Bankwell Bank also participated.

Listen to “The Buzz” as Haffer discusses the opportunity for AI in small business lending and where Casca plans to expand its business.