US start-up LoanStreet closes $25m Series B funding round, eyes Canada
LoanStreet, a platform for sharing, managing, and analysing loans, has closed a $25 million Series B funding round led by Portage Ventures.
LoanStreet raises $25m
In addition, Curql Fund I, Coastal Financial Corporation, and Sterling Bancorp joined as new investors in the company alongside participation from existing investors Third Prime Capital and Arbor Ventures.
This brings the total institutional investment in LoanStreet to $39 million.
The lendtech was founded in 2013 and is based in New York. It now claims over 1,200 financial institutions in the US as customers.
“We are proud of the rails that we’ve built that make the loan ecosystem more transparent and liquid,” states Ian Lampl, the company’s founder and CEO.
“LoanStreet is uniquely positioned as a critical lending infrastructure provider with scalable solutions that can benefit all lenders, from the smallest to the largest and most sophisticated,” comments Adam Felesky, co-founder and CEO of Portage Ventures.
“We see tremendous potential for LoanStreet’s technology to become a ubiquitous daily-used tool within US credit unions, banks, and direct lenders as well as significant possibilities for growth into the Canadian market and beyond.”
