Cardo AI, an asset-based financing and private credit technology platform, has reached a major milestone with its $15 million Series A funding round.
The round was co-led by Blackstone Innovations Investments, Blackstone’s strategic early-stage investment arm, alongside FINTOP Capital and JAM FINTOP. Additionally, Andy Horwitz and Kevin MacDonald, co-founders of Black Mountain Systems, contributed funding.
The company operates in a $40 trillion asset-based financing and private credit market, which has traditionally relied on outdated systems, manual procedures and scattered data. As the industry evolves with increasingly sophisticated investment strategies, Cardo AI is at the forefront of modernizing these operations.
The platform offers advanced portfolio modeling and collateral data management, enabling effective investment decision-making and portfolio monitoring for various industry stakeholders, including investors, banks and service providers. It integrates sophisticated software workflows, a robust data engine and predictive AI algorithms, helping fund managers, trustees and administrators improve operational efficiency and reduce costs.
Since its inception in 2018, Cardo AI has rapidly expanded across Europe, initially backed by Fasanara Capital, and has recently made significant inroads into the US market. Over the past few months, Cardo AI has begun serving some of the most sophisticated private credit and asset-based financing investors in the United States. Notably, Blackstone uses Cardo AI’s technology in its credit and insurance operations to facilitate direct lending and asset-based financial transactions. .
Co-heads of the financing round, FINTOP Capital and JAM FINTOP, bring deep operational expertise and a strategic network encompassing nearly 100 regional and community banks. Rick Kushel, who leads investments for FINTOP Capital, brings more than three decades of experience growing companies like iLevel Solutions and DealCloud.
Altin Kadareja, Founder and CEO of Cardo AI, remarked: “Our expansion into the US market, supported by such prestigious institutions, highlights Cardo AI’s ability to deliver powerful technology for the alternative credit sector. We are excited to collaborate with new investors and are confident that our platform will play an important role in developing the market and improving operational excellence for our clients.
John Stecher, Chief Technology Officer at Blackstone, said: “At Blackstone, we have witnessed the rapid growth of alternative credit. To keep up, the industry must move away from manual, spreadsheet-based processes and embrace scalable technology solutions. Our Credit and Insurance team was impressed with Cardo AI’s strong portfolio management capabilities for complex instruments.
Rick Kushel, Managing Partner at FINTOP Capital, added: “We see enormous potential for Cardo AI to transform an industry that has been slow to embrace technological innovation. With decades of experience, their team brings the expertise necessary to meet the challenges facing this market. We are excited to help them set the standard in asset-based financing and private credit technology.
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