A high-profile Orlando fintechtech firm has landed $25 million backing from investors led by one of the most prolific in fintech.
Worth, the brainchild of brother-sister duo Sal Rehmettulah and Suneera Madhani, announced on Tuesday that it has landed the seed round, which will be led by TTV Capital.
A good portion of TTV’s portfolio is in the fintech space.
“As early stage investors, we’re betting on the founders just as much as the idea itself. We look for smart, capable leaders with a compelling vision and a high standard for excellence. Sal, Suneera and Devon have that in spades,” said Neil Kapur, Partner at TTV Capital, in a press release.
Kapur referenced Stax Payments, the startup Madhani and Rehmettulah launched to a successful exit in Orlando, in his remarks.
“We are honored to support them as they scale Worth and build the future of AI-driven underwriting,” he continued.
Worth’s platform automates the onboarding and underwriting process for financial entities, including payment providers, banks and other financial institutions.
It integrates proprietary datasets to quickly move small business loan applicants through the process. Meanwhile, it also fosters a more equitable ecosystem that benefits small businesses and enterprise-level companies.
The Platform
The platform digs into Worth’s database of more than 242 million small businesses. It analyzes more than 1,100 data points in realtime, increasing match rates.
The platform also accelerates what had been a lengthy and tedious process.
Company officials said that the money raised will help the company expand, enhance its technology and scale services to large enterprise clients.
“In an increasingly complex financial landscape, our solutions give enterprises the ability to innovate, increase efficiency and stay ahead of their competition,” said Rehmetullah, the company’s CEO and co-founder. “This will only expand and get better with the support from TTV Capital and others.”
Worth’s board of directors includes industry leaders representing large fintech firms like Worldpay, Equifax and Blue Star Innovation Partners.
Customers include Wave Financial, Aurora Payments and REPAY.
“The financial industry is at a turning point, and we couldn’t be more excited to drive meaningful change,” said Suneera Madhani, CEO and co-founder of Worth.
She said in the release that Worth’s goal is to eliminate inefficiences while accelerating decision-making.
“With the backing of best-in-class fintech investors like TTV Capital, we’re scaling rapidly and cementing Worth as the go-to platform for underwriting and onboarding. This is just the beginning, and we’re eager to keep pushing the industry forward.”