Conexus Backs Judi.ai to Automate Small-Business Lending

Conexus Venture Capital, the investment arm of Saskatchewan's Conexus Credit Union, is putting money into Judi.ai, an AI platform built to automate small-business loan applications for credit unions and community banks.

The deal's exact size is undisclosed. CVC managing director Jordan McFarlen said the capital will support Judi's US expansion and product development. "We feel like there's a great opportunity for cooperative financial institutions to win the small business lending market with an AI solution like Judi," McFarlen told BetaKit.

The investment comes from CVC's Fund 2, a $30 million portfolio focused on Canadian early-stage companies. McFarlen said the fund typically writes checks between $500,000 and $3 million. The round also included Unitus Community Credit Union in Oregon and several returning investors from Judi's earlier rounds. Both CVC and Unitus had already used Judi's software before investing.

Judi CEO Gord Baizley said the investor participation signals that credit unions are betting on AI to reshape cooperative lending. He described a vision of a larger, more integrated cooperative financial market where technology bridges gaps in service.