Friday Harbor Secures $6 Million Seed Round for AI-Powered Lending Solutions
Friday Harbor, an innovative AI platform designed for loan officers, has successfully raised $6 million in a seed funding round led by Abstract Ventures. The platform aims to help lenders streamline processes by assembling complete and compliant loan files in real time.
According to Friday Harbor, their technology allows lenders of all sizes to employ AI for various tasks including interpreting borrower documents, generating specific needs lists, underwriting files, and flagging potential issues. This automation compresses what typically takes weeks into just minutes, thereby enhancing efficiency and reducing the friction usually associated with closing loan deals.
Abstract Ventures, a notable venture firm based in San Francisco, leads the funding and has a history of backing successful companies such as Rippling and xAI. They were joined in the funding by Wischoff Ventures, which focuses on innovative startups, and the AI2 Incubator from the Allen Institute for AI.
The mission of Friday Harbor is clear: to provide advanced AI tools to all lenders, enabling smaller institutions to compete effectively against larger market players. CEO Theo Ellis stated, ‘I’ve always believed AI could be the great equalizer in mortgage lending.’ He added that many lenders are now capable of performing tasks that were once exclusive to larger firms, thanks to the accessible technology that Friday Harbor provides.
This infusion of $6 million is earmarked to bolster Friday Harbor’s engineering team and facilitate integrations with leading mortgage platforms, effectively equipping more lenders to automate file preparation and accelerate underwriting processes.
