LoanStreet, which streamlines the process of sharing, managing and analysing loans for credit unions, banks and direct lenders, has closed its Series B on $25m.
Portage Ventures served as the lead investor, with commitments also coming from Curql Fund I, SilverCircle, Coastal Financial Corporation, Sterling Bancorp, Third Prime Capital and Arbor Ventures.
With the capital, the company plans to accelerate the adoption of its platform, extend the capabilities of its tools and develop a next-generation commercial loan servicing solution.
LoanStreet claims to be the first fully integrated online platform to streamline the process of sharing, managing and analysing loans. Its core mission is to establish an efficient, transparent and robust way of administrating loans and connecting the lending market.
Its technology is used by over 1,200 financial institutions to successfully do business with each other.
Portage Ventures co-founder and CEO Adam Felesky said, “LoanStreet is uniquely positioned as a critical lending infrastructure provider with scalable solutions that can benefit all lenders, from the smallest to the largest and most sophisticated.
“We see tremendous potential for LoanStreet’s technology to become a ubiquitous daily-used tool within US credit unions, banks and direct lenders as well as significant possibilities for growth into the Canadian market and beyond.”
With the close of the round, the company has raised a total of $39m in funding.
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