Parlay Finance: $2 Million Seed Raised For AI-Based Loan Intelligence Platform
Parlay Finance, an AI-based Loan Intelligence System, announced a $2 million seed funding round led by JAM FINTOP.
What Parlay does: Parlay’s Loan Intelligence System (LIS) unlocks legacy bottlenecks that have long plagued community lenders. And by complementing existing Loan Origination Systems (LOS), the LIS empowers lenders to increase loan volume, improve operational efficiency, and maximize profitability without increasing risk.
The platform’s capabilities include digital customer onboarding, information verification, and an AI-based decision management system to streamline processes for Small Business Administration (SBA) loans, which are traditionally complex and costly to underwrite. And the LIS expedites eligibility verification and identifies the best-fit loan products for each applicant.
How the funding will be used: This funding positions Parlay to continue scaling its technology nationwide, helping community lenders unlock substantial growth in the $1.4 trillion small business lending market.
The funding will also advance Parlay’s mission to democratize access to capital through better lending technology for community banks and credit unions nationwide. And the company will expand product development, deepen integrations with existing systems of record, and grow its network of community lenders and mission-driven financial institutions.
New board member: Stephen Schroder will be joining Parlay’s board of directors as the company continues to scale.
KEY QUOTES:
“JAM FINTOP’s investment and network of banks creates a powerful multiplier effect for our technology. Through this partnership, we’re empowering community lenders nationwide to maintain rigorous underwriting standards while drastically improving operational efficiency and insight. By democratizing access to AI-powered technology, Parlay is helping community banks to better compete while advancing their mission to serve local businesses.”
Alex McLeod, CEO and co-founder of Parlay
“Small business lending represents one of the most compelling growth opportunities for our bank limited partners, yet execution requires the right technology and infrastructure. Parlay has built what our banks need: a system of intelligence that integrates with existing systems of record to deliver substantial improvements in both volume and efficiency. We are confident the team’s deep understanding of banking operations and proven ability to execute will drive value for financial institutions nationwide.”
Stephen Schroder, Investor at JAM FINTOP
