Mortgage intelligence system (LIS) firm Parlay Finance has secured $2 million in seed funding in a spherical led by JAM FINTOP.
The funding will assist Parlay broaden product growth and develop its community of neighborhood lenders.
Parlay made its Finovate debut at FinovateSpring 2024.
In a spherical led by JAM FINTOP, mortgage intelligence system (LIS) firm Parlay Finance has raised $2 million in seed funding. The funding will assist the Virginia-based fintech broaden product growth, deepen integrations with present programs of file, and broaden its community of neighborhood lenders.
“JAM FINTOP’s funding and community of banks creates a robust multiplier impact for our know-how,” Parlay CEO and Co-Founder Alex McLeod mentioned. “Via this partnership, we’re empowering neighborhood lenders nationwide to take care of rigorous underwriting requirements whereas drastically bettering operational effectivity and perception. By democratizing entry to AI-powered know-how, Parlay helps neighborhood banks to higher compete whereas advancing their mission to serve native companies.”
Parlay Finance affords an answer that helps lenders enhance mortgage quantity, improve operational effectivity, and maximize profitability with out incurring further threat. The corporate’s mortgage intelligence system enhances present mortgage origination programs (LOS) and options capabilities together with digital buyer onboarding, data verification, and a choice administration system—powered by AI—that streamlines the processing of Small Enterprise Administration (SBA) loans, that are notoriously complicated and dear to underwrite.
In a press release, Parlay famous that it additionally has intensified its relationships with banks within the JAM FINTOP community. JAM FINTOP Investor Stephen Schroder, who will be a part of Parlay’s board of administrators, underscored the chance for its partnering banks. “Parlay has constructed what our banks want: a system of intelligence that integrates with present programs of file to ship substantial enhancements in each quantity and effectivity,” Schroder mentioned. “We’re assured the staff’s deep understanding of banking operations and confirmed capability to execute will drive worth for monetary establishments nationwide.”
Based in 2022 and headquartered in Alexandria, Virginia, Parlay Finance made its Finovate debut at FinovateSpring 2024. On the convention, the corporate confirmed how its know-how helps lenders generate high-quality mortgage packets and supply scalable technical help for small enterprise candidates. This helps enhance buyer loyalty, enhance the effectivity of lending operations, and create curiosity and price income for Parlay’s lending companions.
Final month, Parlay Finance partnered with credit-decisioning agency and fellow Finovate alum Stratyfy. The strategic partnership will mix Parlay’s platform with Stratyfy’s credit score options to supply a frictionless consumption and underwriting expertise that helps banks enhance lending to certified small enterprise debtors.
Picture by Jenna Hamra
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