NEW YORK – After receiving USD 3.3 million in an oversubscribed pre-seed fundraise, Presta, an end-to-end digital lending platform that streamlines and expedites the loan origination process, announced its debut. The money will support the further development of Presta’s digital platform and the growth of its staff under the direction of Distributed Ventures with additional investment from Zeal Capital Partners, Matchstick Ventures, The Fund, Tech Stars, and Jumpstart Ventures. With the help of Presta’s lending software, lenders can manage all aspects of their lending process in one place, freeing them more time to focus on cultivating client connections.
Around $650 billion in small business loans are originated annually by thousands of lenders. Yet, approximately 60% of community banks, one of the largest sources of these loans, still need to provide online application options.
“The need for lenders to modernize their lending procedures is a significant industry pain issue that we consistently hear from lenders. Leopoldo Pea, CEO and Co-Founder of Presta stated that the platform is specifically designed for small companies and commercial lenders to expedite the loan application and approval process. “Presta’s digital lending infrastructure has an impact that goes well beyond the bottom line advantages for its consumers and simplifies the loan origination process, allowing lenders to emphasize relationship-building.”
Leopoldo Pea and Peter Truog’s initial venture, The Opportunity Exchange, which assisted communities in bringing together local entrepreneurs and equity investors, inspired Presta. Presta’s primary goal is to increase the efficiency of business lending by providing a single platform for all process phases, including outreach, application, underwriting, closing, servicing, and reporting.
Cega Finance (“Cega”) is happy to announce that it has concluded a USD 5 million investment round, which was led by Dragonfly Capital and continuing to include contributions from Robot Ventures and Pantera Capital (Tarun Chitra and Robert Leshner). The business has now secured USD 9.3 million in total initial investment.
Lenders can increase their income while reducing the costs associated with the outdated, ineffective lending procedures they now oversee. By providing digital tools to create pipelines and attract clients that are digital natives, Presta assists lenders in meeting their customers where they are as modern enterprises seek finance through technology. Also, using Presta, lenders may contact more clients, originate more loans, and increase interest revenue.
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