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 improvement and develop its community of group 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 improvement, deepen integrations with present techniques of document, and broaden its community of group lenders.
“JAM FINTOP’s funding and community of banks creates a strong multiplier impact for our expertise,” Parlay CEO and Co-Founder Alex McLeod stated. “Via this partnership, we’re empowering group lenders nationwide to take care of rigorous underwriting requirements whereas drastically enhancing operational effectivity and perception. By democratizing entry to AI-powered expertise, Parlay helps group banks to higher compete whereas advancing their mission to serve native companies.”
Parlay Finance provides an answer that helps lenders enhance mortgage quantity, improve operational effectivity, and maximize profitability with out incurring extra danger. The corporate’s mortgage intelligence system enhances present mortgage origination techniques (LOS) and options capabilities together with digital buyer onboarding, info 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 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 techniques of document to ship substantial enhancements in each quantity and effectivity,” Schroder stated. “We’re assured the group’s deep understanding of banking operations and confirmed skill 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 expertise 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 charge 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 improve lending to certified small enterprise debtors.
Photograph by Jenna Hamra
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