US-based digital lending platform Presta has launched after elevating $3.3m (£2.7m) in an oversubscribed fundraiser.
Presta is backed by Distributed Ventures, with extra funding from Zeal Capital Companions, Matchstick Ventures, The Fund, Tech Stars and Jumpstart Ventures.
The corporate mentioned the money injection would assist the continued development of its digital platform. Presta’s software program creates a one-stop store for lenders, liberating them from managing the guide components of their lending course of together with functions, underwriting, closing, servicing and reporting.
Presta mentioned 1000’s of lenders originate greater than $650bn in small enterprise loans yearly, but virtually 60 per cent of neighborhood banks, that are one of many essential originators of small enterprise loans, don’t provide on-line functions.
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“A serious trade ache level we repeatedly hear from lenders is the necessity to convey their lending processes into the twenty first century,” mentioned Leopoldo Peña, chief govt of Presta.
“Presta’s platform is tailored for small companies and business lenders to speed up the mortgage utility and willpower course of.
“The impression of Presta’s digital lending infrastructure extends far past bottom-line advantages for its clients and streamlines the mortgage origination course of, empowering lenders to prioritise relationship constructing.”
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Co-founded by Peña and Peter Truog, Presta builds on the success of the founders’ first firm, The Alternative Alternate, which helped cities join native companies to fairness buyers.
“Recognising the necessity to modernise the lending course of, Presta’s platform helps neighborhood banks step into the way forward for digital lending,” mentioned Shawn Ellis, managing companion at Distributed Ventures.
“Our fund is dedicated to backing fintech pioneers and innovators that yield improved experiences and outcomes for monetary establishments and their clients.
“Presta focuses on the often-overlooked phase of neighborhood banks and credit score unions by bringing most of the capabilities they handle disparately at present all collectively on one platform.”
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