NEW YORK, NY—February 3, 2020—LoanStreet Inc., the first fully integrated online platform that streamlines the process of sharing, managing, and originating loans, today announced it has closed another $5 million equity financing round led by Arbor Ventures, with participation from LoanStreet’s existing investors, including Valar Ventures, Third Prime Capital, Rosecliff Ventures, Ride Ventures, The Gramercy Fund, and Leland Hart, Sally Rocker, Rob Kiessling, Richard Levin and other notable investors, this brings the total institutional investment in LoanStreet to $14 million.
“LoanStreet provides a unique solution to help lenders grow and diversify their balance sheet. Arbor looks to support companies like LoanStreet where both the team and product are differentiated and bring novel technologies to bear on traditional financial processes,” Said Wei Hopeman, Co-Founder and Managing Partner at Arbor.
LoanStreet offers lenders tools that historically were only available to large-scale financial institutions with unlimited budgets. LoanStreet’s turnkey, integrated lending solution allows all lenders to establish new sources of revenue, enhance balance sheet management, scale loan purchases and sales while strengthening financial and regulatory reporting. Today, over 620 financial institutions, including credit unions, community banks, non-bank lenders and asset managers leverage LoanStreet’s disruptive technologies.
“We are proud to partner with sophisticated financial technology investors like Arbor Ventures,” said Ian Lampl, CEO at LoanStreet. “LoanStreet will continue to invest in both new research and development alongside advances in existing features to expand and enhance the tools we offer our financial institutions partners. With the strong support of our investors, we can meaningfully change the way financial institutions manage their balance sheet and ultimately promote lending to small and medium sized enterprises across the United States.”
About LoanStreet Inc.
LoanStreet is the first fully-integrated, online platform that streamlines the process of sharing, managing, and originating loans for credit unions, banks, and alternative lenders. LoanStreet was founded in 2013 with the mission to create a more efficient, transparent, and robust way of administrating loans and connecting the lending market. LoanStreet’s nationwide network of hundreds of financial institutions gives lenders the ability to profit and grow by combining technology and dedicated expertise to effectively manage the constraints otherwise caused by geography, size, or concentration limits. Hundreds of financial institutions now use LoanStreet’s software solution to successfully do business with each other and maximize the potential of their respective organizations. LoanStreet was co-founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan sharing platform. For more information or to join the LoanStreet network, please visit www.loan-street.com or email: info@loan-street.com.
