Financial Verification Platform VeriFast Completes $3.5MM Seed Funding Round

 VeriFast, the AI-powered Verification-as-a-Service platform that automates financial analysis and decision making for tenant screening, mortgage underwriting, and other verticals, has secured an initial funding round led by M3 Financial Group and noted real estate investor and HGTV star Scott McGillivray, Michael Sarracini of Keyspire, and “Millionaire Mom” investor Susan White Livermore.

VeriFast Co-Founder Tim Ray said, “Efficiently collecting and analyzing financial data is at the core of every business that requires underwriting approval of new customers. Our platform offers clients transparency with faster decisioning integrated into their existing workflows. VeriFast has multiple partnerships with leading proptech platforms in the U.S. and Canada to automate financial and KYC-ID verifications. We are also experiencing rapid solution adoption with mortgage lenders who want to digitize and streamline their pre-approval and underwriting processes, shaving labor costs and compressing approval cycles by up to 90%.”

VeriFast provides a single-source configurable API that empowers companies to seamlessly integrate biometric identity verification, banking data, payroll insights and tax transcript data to their existing process flows. The platform analyzes applicants’ real-time financial health via their digital banking data with advanced AI to verify their identity, income, assets, employment, past rent/mortgage payments, bill payments, ability to pay and other critical screening data points far beyond traditional credit checks. VeriFast securely automates the end-to-end verification process compressing rental and mortgage application processes from hours/days to minutes, at a fraction of the cost.

Sarracini said, “VeriFast removes the guesswork from tenant screening and provides a non-biased, transparent view of an applicant’s full financial profile. This is a critical gap in the existing real estate market. VeriFast has a proven technology that solves an industry-wide problem that literally every property owner and manager faces.”

“Entrepreneurs at heart, we’re excited by VeriFast’s deep talent, technology and tenacity to move this industry forward,” said Michael Beckette, President, M3 Ventures. “Brokers and lenders across the ecosystem will benefit greatly by the platform’s transactional speed and easy integration to bundle and cross reference multiple borrower data. In this business, it’s always faster, easier and better to confirm information directly from the source. VeriFast enables brokers and lenders to do just that quickly and easily.”