Pier, a cutting-edge FinTech company, has successfully raised $2.4 million in seed funding.
This financial injection comes from a mix of prestigious investors, including Y Combinator, Liquid 2 Ventures, ACME, Horizon Ventures, and an array of angel investors, according to a report from TechCrunch. Notable amongst these are Brian Neer from Morgan Stanley, Seth Weinstein, former CEO of Morgan Stanley Fund Services, and YC partner Divya Bhat.
Founders Jessica Zhang and Alex Hegevall Clarke, with their experience at Stilt, a FinTech lending platform, observed the complexities and financial burdens faced by the credit sector in maintaining tech stacks compliant with federal and state regulations. This insight led them to establish Pier.
Pier’s primary service offering is simplifying and automating credit products for businesses. Their innovative solution, termed as ‘Stripe for credit’, allows companies to integrate Pier’s APIs seamlessly. This integration enables a significant reduction in time and monetary investment, previously essential for maintaining compliance and managing the credit lifecycle. The technology covers a comprehensive range of services including origination, underwriting, compliance, and servicing.
While there are other companies that claim a similar offering, Pier stands out for its dynamic approach. It’s not just a static solution; it evolves throughout each loan’s lifecycle, providing a more holistic service than competitors who might only focus on specific aspects like underwriting or Know Your Customer protocols.
Pier intends to channel the newly acquired funds into product development and expanding their team, further enhancing their capabilities in the FinTech sector.
Pier CEO Jessica Zhang said, “Businesses, whether a venture-backed startup or even brick-and-mortar lenders, really struggle to launch products quickly and compliantly because of how fragmented existing solutions are and the high compliance hurdles. Pier is building ‘Stripe for credit,’ which is a way for companies to automate their own credit products.”
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