StreetShares Platform Signs 20th Financial Institution Since Finovate Fall 2019
Platform client growth accelerates into the new year.
RESTON, Va., Jan. 28, 2020 /PRNewswire/ -- StreetShares Platform added over 20 new clients in Q3-4'19. The majority were added after StreetShares demonstrated its new product line up at Finovate Fall 2019 in New York, NY. Clients include mostly banks and credit unions seeking to expand their small business offering in the growing micro-lending space; loans and lines of credit up to $250,000.
The platform was awarded "Best in Show" at the ABA Small Business Conference last fall. It features a branded end-to-end digital small business loan experience with instant pre-qualification and digital decisioning allowing community-focused financial institutions to target growth within the small enterprise sector.
"We're thrilled by this response and the demand from community banks and credit unions. Mainstreet lenders need 'no code' lending-as-a-service." said Mark L. Rockefeller, CEO of StreetShares. "We're honored to help these institutions massively accelerate their small business lending."
The platform features advanced underwriting technology resulting in one of the lowest loss rates in the online lending industry. It allows for an augmented go-to-market strategy across all mediums, a process that has been vetted by financial institutions with strict compliance requirements across all business lines.
Due to the platform's flexible onboarding process, credit unions and community banks have been quick to embrace this Lending-as-a-Service model. Platform clients can be launched and active in less than 30 days, with no core integration, and can choose to use StreetShares' financing or their own balance sheet.
According to StreetShares' research, fewer than 100 banks in America have an effective digital small business lending solution. This restricts their ability to serve the small business market, retain customers who are small business owners and capture new small business deposit accounts.
Client focused community banks like Freedom Bank of Virginia are using the platform to expand small enterprise accounts in 2020. "We wanted a platform that would allow us to attract new clients with appropriately structured loan products funded into a Freedom Bank deposit account that clients can manage using our industry-leading online banking platform," said bank President and CEO Joseph J. Thomas. "We selected the StreetShares Platform because it allows us to serve entrepreneurs and small business owners with debt solutions that may not fit within a regulated bank due to the credit profile of the client or may require a quicker turnaround than a bank can provide."
The growth of StreetShares Platform users appears to be ramping up in early 2020 as more small business owners favor a quicker, digital solution for accessing working capital for payroll, short-term expenses and growth projects.
StreetShares, a financial technology company, developed the small business lending-as-a-service (LaaS) platform to help financial institutions offer small business loans through a seamless digital experience with a pre-approval decision in minutes and funding within 24 hours after credit approval.
About StreetShares
StreetShares is an award-winning financial technology company that helps financial institutions provide high-quality loans to small businesses. Started in 2014 as a low-cost, digital lender to veteran-owned small businesses, StreetShares built a best-in-class small business underwriting technology. StreetShares launched a Lending-as-a-Service (LaaS) platform to allow community banks and credit unions to affordably make small business loans with a 100% digital, omni-channel experience, with one-day underwriting. The StreetShares platform can be up and running in a community bank or credit union in 30 days with no core software integration. StreetShares was named 2018 EY Entrepreneur of the Year and 2017 Innovator of the Year. For more information, visit streetsharesplatform.com.
Press Contacts:
James Mentor
Head of Marketing
At StreetShares
[email protected]
(571) 449-7807
SOURCE StreetShares, Inc.
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