US-based StreetShares, a mission-driven financial technology company secured US$ 10 million in a round of funding on 22 October 2020.
The funding round was led by Mark L. Rockefeller and Mickey Konson. Other participants include Motley Fool Ventures, Ally Ventures (the strategic investment arm of Ally Financial), and individual fintech angel investors.
“We’re seeing exciting digital adoption by banks and credit unions in response to COVID-19. But equally important to us is the practical impact our technology is having in helping their customers, especially underserved business owners, get the funding they need to succeed,” said StreetShares CEO Mark L. Rockefeller.
About StreetShares
Founded in 2014 by Mark L. Rockefeller, Mickey Konson, StreetShares is an award-winning financial technology company that helps financial institutions provide high-quality loans to small businesses. It had started as a low-cost, digital lender to veteran-owned small businesses. Today StreetShares has built a best-in-class small business underwriting technology. StreetShares launched business lending solutions technology to allow community banks and credit unions to affordably make small business loans with a 100% digital, omnichannel experience. StreetShares has also been named EY Entrepreneur of the Year and Innovator of the Year.
StreetShares also launched digital small business lending technology for banks and credit unions in 2019. The COVID-19 pandemic has accelerated demand for StreetShares’ technology as community lenders sought software to make Paycheck Protection Program (PPP) loans digitally. The company claims that since January 2020, its clients have doubled to 53 financial institutions.
StreetShares digital lending technology impacts the community and mission-driven lenders making PPP loans. Community banks, Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) composed nearly 75% of StreetShares PPP loan forgiveness volume. StreetShares is now expanding the StreetShares Platform into a full suite of post-PPP technologies, through various partnerships.
What Investors have to say
“We’re seeing years of digital adoption by banks condensed into weeks. Beginning with PPP, and now on to a full-suite of products, we believe StreetShares is positioned perfectly to power banks in their digital transformations,” said Ollen Douglass, Managing Director of Motley Fool Ventures.
“Digital is part of our DNA, so we are always looking for innovative ways to support creative ideas and technology in this space. StreetShares’ mission-driven approach aligns with our ‘do it right’ culture and community focus, and its full suite of industry-leading digital small business banking technology creates opportunities to expedite the adoption of digital more broadly,” said Peter Greene, head of Ally Ventures.
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