StreetShares, a mission-driven financial technology company, announced today they have secured a $10 million round of funding from Motley Fool Ventures, Ally Ventures (the strategic investment arm of Ally Financial), and individual fintech angel investors.
StreetShares, led by Mark L. Rockefeller and Mickey Konson, launched digital small business lending technology for banks and credit unions in 2019. COVID-19 accelerated demand for StreetShares' technology as community lenders sought software to make Paycheck Protection Program (PPP) loans digitally. Since January 2020, StreetShares' Platform clients nearly doubled to 53 financial institutions.
"We're seeing exciting digital adoption by banks and credit unions in response to COVID-19," said StreetShares CEO Mark L. Rockefeller. "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."
StreetShares digital lending technology had a particular impact on 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.
Through strategic partnerships, StreetShares is now expanding the StreetShares Platform into a full suite of post-PPP technologies that community banks and credit unions need to better serve small businesses.
"We're seeing years of digital adoption by banks condensed into weeks," said Ollen Douglass, Managing Director of Motley Fool Ventures. "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."
"Digital is part of our DNA, so we are always looking for innovative ways to support creative ideas and technology in this space," said Peter Greene, head of Ally Ventures. "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."
About StreetShares
StreetShares is an award-winning financial technology company that helps financial institutions provide high-quality loans to small businesses. Started in 2014 as a low-cost, digital lender to veteran-owned small businesses, StreetShares 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, omni-channel experience. StreetShares has been named EY Entrepreneur of the Year and Innovator of the Year. For more information, visit: streetsharesplatform.com.
