LoanStreet, a fintech startup that helps loan providers automate financial reporting, announced on Tuesday it raised a $25 million Series B round led by Toronto-based VC firm Portage Ventures. This round, which also saw participation from Curql Fund I, is nearly four times larger than LoanStreet’s $6.5 million Series A raise back in 2018.
The New York-based startup’s technology makes the process of sharing, managing and analyzing loans easier for credit unions, banks and direct lenders. Such technology is now sought after by investors in the fintech sector because it was traditionally only available to large-scale financial institutions.
“Digital solutions, streamlined processes and immediate access to such tools are fundamental components to the financial services industry’s continual growth, and LoanStreet’s fully integrated platform allows credit unions to meet these needs,” Scott Hoekman, partner at Curql Collective, said in a statement.
The fresh funding will go toward accelerating LoanStreet’s technology with a focus on advancing its ability to trade and report on loans along with expanding its loan analytic software.
“We see tremendous potential for LoanStreet’s technology to become a ubiquitous daily-used tool within U.S. credit unions, banks and direct lenders, as well as significant possibilities for growth into the Canadian market and beyond,” Adam Felesky, co-founder and CEO of Portage Ventures, said in a release.
To LoanStreet co-founder and CEO Ian Lampl, partnering with Portage Ventures as a lead investor is exciting because of the firm’s “expertise in financial technology, enterprise software and operational advisory resources,” he told Built In via email.
While this round of funding isn’t dedicated to hiring, LoanStreet currently has nine New York-based and remote positions available with salaries ranging from $45,000 to upwards of $225,000.
