Cardo AI closes another round of funding

Cardo AI closes another funding round of €3.5 million to accelerate the growth plan 

Cardo AI closes another round of funding

Cardo AI, an Italian fintech that develops AI-based solutions for private debt markets, has closed a €3.5 million funding round. 

The capital raised will allow the company to consolidate its offering and strengthen its team while preparing to further expand its operations in Europe and the UK.

Addressing the challenges in private debt data management

Cardo AI is an investment technology solution supporting Institutional investors, banks, and credit servicers to better manage their private debt investments.

The private debt market still heavily relies on manual processes and spreadsheets bringing higher costs, longer times, and high operational risks. Today, institutional investors and asset managers require speed and true intelligence to operate in a highly competitive market. At the same time, the interaction and communication with asset owners, regulators, and other market participants should be transparent and real-time.

Cardo AI technological suite addresses all these issues by offering a seamless and automated data management solution. 

Our mission is to transform how private debt’s investments are managed, allowing a more efficient, faster, and better-connected market

Altin Kadareja

Cardo AI has grown significantly in the last year and asset managers, banks and pension funds are now using this technology suite to manage over €3 billion of assets, more than 20 SPVs, and over 30 transactions.

Cardo AI counts today over 60 talents located in different offices in Milan, London, and Tirana.
The company plans to double its team in the next 9 months and is actively recruiting across different functions in data science, software and data engineering, business development, and operations. 

This new round of investment is a very important milestone for our company. It will accelerate our business growth, allowing us to attract the right talent and serve new clients. We look forward to continuing the pace of change and disruption that we are bringing to the private debt markets, with new innovative products and features.

Altin Kadareja

Francesco Filia, CEO & CIO of Fasanara Capital Ltd, commented on the investment as follows:

Investing in fintech solutions has always been a key driver of our growth strategy.

Cardo AI’s technology is radically changing how alternative investments are managed. Their products enable faster and scalable operations, as well as smarter data-driven decision-making.

Cardo AI has achieved great results in the last year and we’re glad to support their next growth phase, consolidating their presence in the European market and opening up new growth trajectories

About the author

Altin Kadareja

Altin Kadareja is the CEO and co-founder of Cardo AI. Prior to founding Cardo AI, Altin has covered several investment and risk management roles at BlackRock, Prometeia, Intesa Sanpaolo and Allianz Bank Financial Advisors across different European markets. He holds a master of science degree in Economics and Management of Innovation and Technology from Bocconi University in Milan and followed an executive program in Risk Management at Imperial Business School in London.

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Cardo AI becomes a PRI signatory

Cardo becomes a PRI signatory

Cardo AI has officially become a signatory of PRI, the Principles for Responsible Investment Corporation. Keep reading to find out what the PRI is and what this change means for Cardo AI.
As a younger generation of technology and data science providers our utmost goal is to have a positive impact on changing the investment landscape for good. We aim at becoming the driving force of a new generation of investment managers, that not only complies with responsible investment guidelines, but trusts them. Altin Kadareja, CEO of CARDO AI

What is the PRI

The PRI is an international organization, backed by the UN (United Nations), the lead proponent of responsible investment with the objective to study and analyze the impact of investment decisions on environmental, social, and governance (ESG) factors. The PRI was founded in 2006 by Kofi Annan, who was at the time secretary-general of the UN. Since then, more than 3,600 organizations joined the PRI as signatories, with a combined USD 100 trillion under management. The PRI supports its signatories in the implementation of these factors into investment and ownership decisions.

What it means to be a PRI signatory

The are several types of PRI signatories: 
  • Institutional investors: pension funds, foundations, insurance providers, development finance institutions, sovereign wealth funds, family offices, wealth managers and asset managers (multi asset or single asset)
  • Businesses that service these investors: investment advisors, sustainability/financial consultants, assurance providers, rating agencies, data/research providers, brokerage firms, proxy voting firms and stock exchanges.  
As a service provider and now a signatory of PRI, Cardo AI will deliver services to support and advance sustainability in the investment industry. Specifically, any PRI signatory commits to the following six main principles to guide signatories into the implementation of ESG issues into their decision-making and operations.
  • Principle 1: We will incorporate ESG issues into investment analysis and decision-making processes.
  • Principle 2: We will be active owners and incorporate ESG issues into our ownership policies and practices.
  • Principle 3: We will seek appropriate disclosure on ESG issues by the entities in which we invest.
  • Principle 4: We will promote acceptance and implementation of the Principles within the investment industry.
  • Principle 5: We will work together to enhance our effectiveness in implementing the Principles.
  • Principle 6: We will each report on our activities and progress towards implementing the Principles.

What becoming a PRI signatory means to Cardo AI

This represents for Cardo a big step towards the promotion and commitment to responsible investment.  Our goal is to support our clients in having a real impact on sustainable investing and bring ESG factors into the private debt market. One of the ways we aim to do so is with our upcoming product, which consists of managing ESG scoring and rating data, both from external and internal sources.  As of today, asset managers, banks, and pension funds are still struggling to correctly identify, monitor and report on responsible investment frameworks. With our new technology, creating and managing your responsible investment framework becomes easier, faster, and better. You can analyze, monitor, and report ESG metrics at fund, loan or collateral level. Do you want to find more about our commitment to ESG? Contact us or subscribe to our newsletter to receive insights and news about ESG and private debt.
Card AI EIT Digital Challenge

Cardo AI – Top 20 outstanding Deep Tech Scaleups in Europe

Cardo AI is in the top 20 Scaleups list in Europe. Our company has been selected for the EIT Digital Challenge 2021, Europe’s flagship competition for Deep Tech scaleups.

20 finalists from 10 European countries will compete on 21 September

Cardo AI has been selected by EIT Digital, Europe’s largest digital innovation community, as a finalist in its renowned pan-European competition EIT Digital Challenge. The competition focuses on startups in growth stage, so called scaleups, with deep tech products that leverage sophisticated, hard-to-reproduce digital technologies that fuel the digital transformation.

A total of 409 companies from 33 countries applied for the competition. They cover a variety of areas strategically chosen with respect to major digital trends and European leadership potential: Digital Tech, Digital Industry, Digital Cities, Digital Finance and Digital Wellbeing. The twenty best companies are invited to an exclusive online final event on 21 September to present their technology to an international expert jury of corporates and investors.

Cardo AI will compete against nineteen other European deep tech scaleups. Three winners will be awarded and receive a full year support by the EIT Digital Accelerator worth €50,000 to grow their businesses in Europe and beyond. The first prize winner will receive an additional cash prize of €100,000.

The EIT Digital Challenge takes place for the eighth consecutive year. Since its launch in 2014, the competition has received a grand total of 2900 applications from 35 countries.

Cardo AI top startup at MILAN FINTECH SUMMIT

Among the over 70 candidates from 18 countries, 10 Italian and 10 international companies were selected based on their potentials on the market

Milan, 23 November 2020 – The Fintech companies deemed as having the highest market potential will be the protagonists of the second day of Milan Fintech Summit, the international event dedicated to the world of Finance Technology, scheduled as a streaming live on 10 and 11 December 2020. It is promoted and organised by Fintech District and Fiera Milano Media – Business International supported by the City of Milan through Milano&Partners, and sponsored by AIFI, Assolombarda, Febaf, ItaliaFintech and VC Hub.

Following the call launched on an international level and a careful selection by such experts in the sectors as the Conference Chair Alessandro Hatami and representatives of the organizing committee, today they announced the 20 companies that will be given the opportunity to be on the digital stage to present their own ideas and solutions for the future of financial services.
Among the over 70 candidates from 18 countries, 10 Italian and 10 International companies were selected.

The Italian companies are: insurtech Neosurance, See Your Box and Lokky; WizKey, Soisy, Cardo AI, Stonize and Faire Labs, operating in the lending and credit sector; Trakti offering cybersecurity solutions; dealing with artificial intelligence.

The international ones that were selected are: Insurtech Descartes Underwriting and Zelros (France); Keyless Technologies (UK), CYDEF – Cyber Defence Corporation, Tehama (Canada), dealing with DaaS and Cybersecurity and Privasee (UK), operating in the data market protection; Pocketnest (USA), a SaaS company; Wealth Manager Wondeur (France), DarwinAI (USA) operating in the artificial intelligent sector and Oper Credits (Belgium), operating in the lending and credit field.

These realities, which will be introduced to a parterre of selected Italian and International investors and to fintech experts, were chosen based on the criteria of: innovativeness of the proposal, potential size of the target market, scalability of the proposal, potentials in capital raising; type of the employed technological solution.
The Milan Fintech Summit will thus help introduce the potential of our fintech companies abroad reinforcing the role of Milan as European capital of innovation, an ideal starting point for international companies that want to enter the Italian market.

The program of the event is available on the official site and a physical appointment of the summit is already scheduled for next year, on 4 and 5 October 2021. The December appointments are open to all those interested in knowing and understanding in depth the potentials of fintech. You can register now for free using this link, or purchase a premium ticket to participate as listeners to the pitch session (the only closed door part of the program) and be entitled to other benefits offered by the Summit partners.

Fintech District
Fintech District is the reference international community for fintech ecosystem in Italy. It acts with the aim of creating the best conditions to help all the stakeholders (start-ups, financial institutions, corporations, professionals, institutions, investors) operate in synergy and find opportunities of local and international growth. The companies that decide to adhere have in common the tendency to innovate and the will to develop collaborations based on opening and sharing, The community now consists in 160 start-ups and 14 corporate members choosing to participate to the creation of open innovation projects by collaborating with fintech. Fintech District also has relationships with equivalent innovation hubs abroad to multiply the opportunity to invest and cooperate, establishing its own role as access door and reference in the Italian market. Created in 2017, the Fintech District has its seat in Milan in Palazzo COPERNICO ISOLA FOR S32, in Via Sassetti 32. Fintech District is part of Fabrick.

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