StreetShares, which helps financial institutions provide loans to small businesses, has closed a $10m investment.
The equity injection came from Motley Fool Ventures, Ally Ventures and several individual FinTech angel investors.
With the support of the capital and strategic partnerships, the FinTech is expanding its platform into a full suite of post- paycheck protection programme (PPP) technologies that can better serve needs of small businesses.
Motley Fool Ventures managing director Ollen Douglass said, “We’re seeing years of digital adoption by banks condensed into weeks. Beginning with PPP, and now on to a full-suite of products, we believe StreetShares is positioned perfectly to power banks in their digital transformations.”
Digital lending technology platform StreetShares launched in 2019 to help banks and credit unions with their lending capabilities. The coronavirus has accelerated the demand for its services, helping the FinTech to nearly double its clients to 53.
The company was founded in 2014 and offers and end-to-end lending services that enables financial institutions to accelerate the loan distribution. Customers request unsecured loans, fill out an application and can instantly pre-qualify for a $250,000 loan. Documents are then gathered and finalised, with money available within one or two business days.
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