Scienaptic AI co-founder steps down to launch new venture, Algebrik AI
Pankaj Jain has stepped down as the president of Scienaptic AI to spearhead the launch of his latest venture, Algebrik AI Inc.
Scienaptic AI co-founder to launch a new venture
The former Oracle director co-founded Scienaptic AI in 2016 to serve as an AI-powered credit decisioning engine for banks, credit unions, fintechs and other community-focused lenders.
The company, headquartered in New York City, previously secured a $7 million investment from TVS Motor Singapore in 2019.
However, after eight years at the helm of Scienaptic AI, Jain has now confirmed that he will be “rolling off from my role here to do something new”, as per a recent LinkedIn post, and will depart the firm at the end of this month.
In an interview with FinTech Futures, Jain confirms that his new company will ascend as a “natural extension” of Scienaptic AI, serving as an AI-powered lending technology layer for existing loan origination systems.
The venture, he explains, seeks to overcome the barriers posed to lenders whose antiquated technology stacks are preventing them from facilitating end-to-end digital lending journeys.
“We created Algebrik AI to solve that problem where 98% of the process can happen digitally end to end, without a borrower jumping between offline, online, and physical paper processes,” Jain tells FinTech Futures.
“Borrowers can get everything done on their mobile phone or on the website, before receiving an instant decision with their accounts funded the same day through a partnership network.”
With the bulk of the company’s software development now finalised, Jain explains that the team is currently working to enrich the service with additional “bells and whistles”, including an AI-powered chatbot companion with voice recognition functionality.
Jain is preparing to launch Algebrik AI’s website and product demo in October, with client deployments to commence in Spring 2025.
