- Presta announced that it has raised $3.3 million.
Presta – an end-to-end digital lending platform that simplifies and accelerates the loan origination process – recently announced its launch along with the raising of $3.3 million in oversubscribed pre-seed. Led by Distributed Ventures with additional investment from Zeal Capital Partners, Matchstick Ventures, The Fund, Tech Stars, and Jumpstart Ventures, this funding round is going to support the continued growth of Presta’s digital platform and expansion of its team.
Presta’s lending software creates a one-stop shop for lenders to spend more time building relationships with clients and less time managing the tedious and manual parts of their lending process. There are thousands of lenders that originate over $650 billion in small business loans every year, but nearly 60% of community banks – which are some of the main originators of small business loans – do not offer online applications.
Launched by Leopoldo Peña and Peter Truog, Presta builds on the success of the founders’ first company The Opportunity Exchange – which had helped cities connect local businesses to equity investors. Presta’s core focus is to help lenders lend to businesses more efficiently through a one-stop platform for the entire process from outreach, application, underwriting, closing, servicing, and reporting.
Lenders are able to generate more revenue while saving the costs linked with the inefficient lending processes that they manage. And modern businesses seek capital via technology so Presta helps lenders meet their customers where they are by offering digital tools. Plus lenders can reach more customers, book more loans, and generate more interest income while using Presta.
KEY QUOTES:
“A major industry pain point we continuously hear from lenders is the need to bring their lending processes into the 21st century. Presta’s platform is tailor-made for small businesses and commercial lenders to accelerate the loan application and determination process. The impact of Presta’s digital lending infrastructure extends far beyond bottom-line benefits for its customers and streamlines the loan origination process, empowering lenders to prioritize relationship-building.”
— Leopoldo Peña, CEO and Co-Founder of Presta
“Recognizing the need to modernize the lending process, Presta’s platform helps community banks step into the future of digital lending. Our fund is committed to backing fintech pioneers and innovators that yield improved experiences and outcomes for financial institutions and their customers. Presta focuses on the often-overlooked segment of community banks and credit unions by bringing many of the functions they manage disparately today all together on one platform.”
— Shawn Ellis, Managing Partner at Distributed Ventures
“Today and for far too long, the loan application process has been lengthy, manual, and ripe for disruption. We are excited to partner with Leo, Peter, and team to improve the overall experience for borrowers and bankers. With Presta, banks can revolutionize their credit products using automation, enhanced data and analytics to simplify and accelerate lending decisions. We believe Presta will become a critical springboard as banks continue to innovate the financial services ecosystem.”
— Nasir Qadree, Founder and Managing Partner of Zeal Capital Partners
