Parlay – a first-of-its-kind small business loan readiness platform – announced the closing of $1.3 million in pre-seed financing led by Fenway Summer. And other firms investing in the round include Hivers and Strivers Capital, Service Provider Capital, Capacity Capital, and Alumni Ventures, together with a follow-on investment from Techstars.
Parlay was launched in 2022 by entrepreneur and military spouse Alex McLeod, West Point graduate and former U.S. Special Operations Command Innovation Officer Jay Long, and West Point graduate and former Army Ranger James Cho. And Parlay partners with community banks and credit unions to enable financial inclusion and capital access for the small business market (over 33 million diverse small business owners across the US).
Parlay was also selected to participate in The PenFed Foundation Veteran Entrepreneur Program Fall 2023 Cohort. This program exclusively supports veteran and military spouse entrepreneurs building highly scalable startup companies ranging from the idea stage through to Series A and beyond.
KEY QUOTES:
“This pre-seed funding enables us to continue fulfilling our mission: partnering with community banks and credit unions to extend more loans to the small businesses that form the backbone of our economy. We’re excited to continue this important work with strategic champions like Fenway Summer by our side.”
- CEO of Parlay Alex Mcleod
“We are excited and proud to back Parlay. Small businesses drive the American economy; access to capital drives small businesses. Parlay’s loan readiness platform is an innovative approach to helping banks and credit unions better access and underwrite those critical small business customers. But what we are most excited about is supporting a founding team that is as ambitious, talented, and passionate as this one.”
- Raj Date, managing partner of Fenway Summer
