Saas Platform for Financial Institutions to Share, Manage and Originate Loans
NEW YORK, NY—November 29, 2018—LoanStreet Inc., the first fully-integrated online platform that streamlines the process of sharing, managing, and originating loans, today announced it has closed a $6.5 million round of Series A funding. Led by Valar Ventures, with participation from Third Prime Capital, Rosecliff Ventures, Ride Ventures, The Gramercy Fund, and Leland Hart, Sally Rocker, Rob Kiessling, Richard Levin, and other notable investors, this brings the total institutional investment in LoanStreet to $9 million.
“Developing disruptive technologies for heavily regulated industries requires a rare combination of business, legal and regulatory expertise,” said James Fitzgerald, General Partner and co-founder of Valar Ventures. “Ian and the team at LoanStreet have exactly the right backgrounds — and are the right entrepreneurs — to bring innovation to credit unions, banks and other lenders that are often underserved by emerging technologies. We are excited to be partnering with them.”
“More and more lenders recognize the need to access technology to scale their business and diversify risk,” said Third Prime Capital Managing Partner Wes Barton.
LoanStreet offers lenders tools that historically were only available to large-scale financial institutions with unlimited budgets. LoanStreet’s turnkey, integrated lending solution allows all lenders to establish new sources of revenue, enhance balance sheet management, scale loan purchases and sales while strengthening financial and regulatory reporting.
“With support from our investors,” said LoanStreet CEO, Ian Lampl, “we look forward to unlocking opportunities for lenders of all sizes and transaction volumes. The power of LoanStreet’s network and technology gives lending institutions access to additional sources of profit, diversification, and transparency while lowering risk.”
About LoanStreet Inc.LoanStreet is the first fully-integrated, online platform that streamlines the process of sharing, managing, and originating loans for credit unions, banks, and alternative lenders. LoanStreet was founded in 2013 with the mission to create a more efficient, transparent, and robust way of administrating loans and connecting the lending market. LoanStreet’s nationwide network of hundreds of financial institutions gives lenders the ability to profit and grow by combining technology and dedicated expertise to effectively manage the constraints otherwise caused by geography, size, or concentration limits. Hundreds of financial institutions now use LoanStreet’s software solution to successfully do business with each other and maximize the potential of their respective organizations. LoanStreet was co-founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan sharing platform. For more information or to join the LoanStreet network, please visit www.loan-street.com or email: firstname.lastname@example.org.
About Valar Ventures
Valar Ventures is a venture capital firm backed by Peter Thiel. Valar partners with entrepreneurs globally and believes that an increasing number of transformative technology companies will be started outside of Silicon Valley and that the founders of those companies will benefit from having a partner that understands their unique challenges and opportunities.
About Third Prime Capital
Third Prime is a venture firm that helps exceptional entrepreneurs build great companies. The firm seeks companies with proven concepts in need of not only capital but also a determined and thoughtful partner to help drive success. The firm invests in Seed and Series A financings.
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