Carousel cuts Canacap's underwriting from two hours a file to 15 minutes.
Bank statements stopped arriving as paperwork to reconcile by hand. Verified banking data lands with the file, and an applicant can go from application to approval inside two hours.
What nine months of verified banking data did to the clock.
- Underwriting stopped starting with reconciliation — time per file fell from two hours to 15 minutes.
- Applicants stopped waiting on a paperwork round-trip — application to approval now runs in 2 hours.
- The financial picture arrives analyzed, not assembled — statements are OCR'd and the banking analysis done, or the account connects directly.
Meet Canacap.
Canacap is a direct funder of unsecured business financing for small and medium businesses across Canada, with more than $550M deposited over eighteen years and ticket sizes up to $500,000.
Their promise to the market is speed — funding within 24 hours. That promise is made downstream of intake, which means everything upstream of the decision either protects it or breaks it. When the financial picture has to be rebuilt by hand before anyone can underwrite, the clock a lender competes on is already running.
- Industry
- Private credit
- Segment
- Unsecured business financing
- Funded to date
- $550M+
- Using Carousel for
- Bank statement OCR, banking analysis & account connection
- Time to results
- 9 months
The financial picture had to be rebuilt before it could be read.
Reconciling bank data was manual, on every single file.
Applicants submitted actual bank statements, and the work of reconciling them fell to the underwriting team. Before anyone could form a view on the business, someone had to assemble the financial picture by hand — line by line, statement by statement. That is two hours of skilled time spent on data entry rather than credit judgment.
The applicant absorbed the delay, and felt it.
Every clarification and every missing statement became another round-trip to the applicant. For a funder whose market promise is speed, the back-and-forth landed in exactly the place it does the most damage: the experience of the borrower deciding whether to wait or go elsewhere.
The banking analysis arrives with the file.
Statements are OCR'd and analyzed, not transcribed.
Where an applicant submits documents, Carousel reads them and performs the banking analysis, so what reaches the underwriter is a structured financial picture rather than a stack to reconcile.
Or the bank account connects directly.
Applicants can connect their account instead, which removes the document step altogether — the data comes from the source, not from a submitted file that has to be trusted and checked.
One integration, the same underwriting.
Carousel runs ahead of Canacap's existing process and hands finished, analyzed files into the same queue. The credit decision did not change. What changed is how much of the day is available to make it.
The same underwriting, reached in a quarter of an hour.
Underwriting per file
Time on a file fell from two hours to fifteen minutes against Canacap's own prior manual process, over a nine-month engagement. The reconciliation work that opened every file is now done before the file arrives.
Application to approval
An applicant can move from submitted application to approval inside two hours — against a market where Canacap's own published promise is funding within 24 hours. The intake layer is what makes the faster number possible, and it is the number that wins the deal.
Before Carousel, the bottleneck of receiving financial statements was killing our internal team and our applicants' experience. With Carousel, we've cut the back-and-forth.
UnderwritingCanacap
In good company
The teams on Carousel — what they shipped, and what it gave back.
The infrastructure of yes.
See your intake run on Carousel — every rail, one demo.