Canadian lending software provider SAVVYY has received C$5.7 ($4.5m) in funding from several investors.

The round saw participation from Canavan Capital’s Joe Canavan, LOGiQ CEO (former CEO of NEXT Canada), Scotiabank’s former global head of fixed income Michael Zych, Kevin Walton from Real Matters, and fintech investor and former executive with Filogix and Equifax Michael Vanderkaden.

Using the capital, SAVVYY plans to ramp up its efforts to launch a cloud-based AI-driven platform for upgrading Canada’s lending infrastructure.

Established in 2018, the technology firm aims to help lenders automate manual and outdated lending systems.

SAVVYY co-founder Sal Naran said: “We are on a mission to transform banks into fintechs, and today’s funding announcement brings us one step closer to bringing our AI-ready Canadian mortgage underwriting platform to all Canadian lenders.

“Our team of technology and financial services leaders, along with our prominent list of investors, clients and partners, makes us well-positioned to transform the lending industry in Canada—an industry that is long overdue for a technology-based transformation.”

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The fintech has already joined forces with three Canadian Schedule I lenders, including Concentra Bank, which is using SAVVYY’s platform for mortgage lending.

Concentra Bank COO and SVP Neal Oswald said: “Moving to a cloud-based lending platform like SAVVYY allows our team to focus on the big picture: our technology architecture and our business.

“SAVVYY’s flexibility has allowed us to respond rapidly to changing market conditions by adding products, managing rates, and integrating with other microservices. Collaboration with SAVVYY is integral to our future integration with other Fintechs.”