Other investors in the USD 8 million round include QED Investors and Camber Creek. The fintech will use the funding to further develop its platform and grow its software engineering and sales team.
Rabbet’s platform helps companies involved in construction finance — such as banks, developers, and contractors — digitise and view documents relevant to a deal. The process is currently heavily manual and paper-based. The company uses machine learning to automatically find and extract key information from documents, in a format that can be more easily analysed by the parties involved.
According to Reuters, Goldman’s investment comes as banks and other large financial institutions increasingly turn to fintech startups for technology that can help them streamline some of their processes.
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