LOS ANGELES — ScribeUp has raised $13 million in Series A financing to expand its artificial intelligence-powered recurring bill management technology for banks, credit unions and other financial institutions.
The financing includes $10 million in equity and a $3 million venture debt facility. Curql led the round, with participation from Mucker Capital and Service Ventures, according to ScribeUp.
The company said it plans to use the funding to develop its AI technology, expand its team and increase sales and marketing efforts.
ScribeUp provides technology that financial institutions can embed in their digital banking platforms to help customers identify, track and manage recurring expenses, including subscriptions, rent, utilities, insurance and loan payments.
According to the company, customers can take actions within their banking apps, such as canceling subscriptions, changing payment methods and exploring opportunities to refinance loans. The platform combines recurring payment information with account balances, cash flow, payment schedules and financial products offered by the institution.
A ‘Most Frequent Interaction’
“Recurring payments are the most frequent interaction a consumer has with their money and the one consumers understand the least,” Jordan Mackler, ScribeUp’s CEO and co-founder, said in the announcement.
Mackler said the financing would help the company make its services available to more consumers.
ScribeUp said it works with more than 60 banks, credit unions, fintech companies and neobanks. Its platform can be integrated using a software development kit, an embedded web frame or an application programming interface.
Nick Evens, president and CEO of Curql, said the investment reflects an opportunity for financial institutions to offer bill management tools within their own digital channels rather than cede those relationships to third-party consumer applications.
The company said its technology is designed to enable AI-driven actions on recurring bills from within a consumer’s existing banking experience. The announcement did not disclose ScribeUp’s valuation or terms of the debt facility.
