Worth AI Raises $30M Series A Led By led by Fulcrum Equity Partners, TTV Capital, & Amex Ventures.
Posted by DeepWork Capital
Worth, the Startup From the Founders of Stax, Just Raised $30 Million to Deliver ‘Simplicity for Small Businesses’
Being a first-time founder can be tough. When you come back for round two, though, there are definitely a few perks.
At least, that’s what co-founders and siblings Suneera Madhani and Sal Rehmetullah have learned in their journey scaling up Worth, a fintech platform that serves as their follow-up to Stax, the payment processor they previously grew to unicorn status. On Tuesday the duo announced that they’ve raised a $30 million Series A for their onboarding and underwriting fintech platform.
“For how we raised capital, there’s a big difference now as a second-time founder,” says Madhani, the company’s “chief evangelist.” “First go around at this, it wasn’t easy to go get capital; to go get people bought in on our vision. The business had to really shine at every point to get our investors.”
Capitalizing Worth has been a different story. Business metrics and KPIs still matter, she says, but now the co-founders can be pickier about who they let onto their cap table. Investors in this round include Fulcrum Equity Partners, Amex Ventures, and TTV Capital.
“We actually didn’t do a formal process in the market,” Madhani says. “These are all current relationships: people who’ve already believed in us…We have really deep relations with all of our current investors that are back at our cap table. We had success with them the first time.”
When they did bring aboard a new investor that wasn’t involved with their last venture—as with American Express—she says they could approach things more from a strategic lens.
Worth aims to help financial services onboard and underwrite customers, especially small business owners, more quickly and easily. The goal is to use AI to help financial institutions consolidate everything from credit assessments and fraud detection to Know Your Business and Know Your Customer processes into a single, seamless workflow, giving SMBs the sort of ease of access that Worth says is currently enjoyed by consumers applying for credit and other financial tools.
Source: https://www.inc.com/brian-contreras/fintech-startup-stax-unicorn-ai-small-businesses-worth/91320667
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