LoanStreet closes $25 million Series B funding round led by Portage Ventures
NEW YORK, NY (February 8, 2022) — LoanStreet Inc., the leading platform for sharing, managing and analyzing loans, today announced it has closed a $25 million Series B funding led by Portage Ventures to accelerate the growth of its loan ecosystem. 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.
LoanStreet will use the investment to accelerate the adoption of its market-leading participations platform for trading and reporting on loans; expand the capabilities of its loan analytics offerings; and continue to develop its next-generation commercial loan servicing solution.
“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,” said 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.”
“From the beginning, we have focused on making it easier for financial institutions to manage their loan portfolios. We are proud of the rails that we’ve built that make the loan ecosystem more transparent and liquid. This funding round will enable LoanStreet to continue to build our products to add value for our clients,” said Ian Lampl, CEO of LoanStreet. “I look forward to partnering with all of our investors as we deliver digital lending and balance sheet management solutions to an ever-greater number of financial institutions.”
“LoanStreet is already instrumental in delivering efficient access to the loan participations market for more than a thousand credit unions, while providing them with industry leading reporting and modern analytic tools that expose actionable insights,” said Nick Evens, President and CEO of Curql Collective, a Credit Union Service Organization (CUSO) focused on spurring innovation in fintech for the credit union industry through its flagship fund Curql Fund I. “We are delighted to support LoanStreet in delivering and expanding its innovative lending technologies for credit unions.”
“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.” said Scott Hoekman, Partner at Next Level Ventures, the strategic investment firm that manages the Curql Fund I. “We believe connecting credit unions to innovative fintech startups is crucial in credit union growth efficiency, and we look forward to working with LoanStreet as the expand their reach to even more credit unions and financial institutions.”
About LoanStreet Inc.
LoanStreet is the first fully integrated online platform that streamlines the process of sharing, managing, and analyzing loans for credit unions, banks, and direct lenders. LoanStreet was founded with the mission to create a more efficient, transparent, and robust way of administrating loans and connecting the lending market. LoanStreet’s nationwide network of hundreds of financial institutions gives lenders the ability to profit and grow by combining technology and dedicated expertise to mitigate the constraints otherwise caused by geography, size, or concentration limits. Over 1,200 financial institutions now use LoanStreet’s software solution to successfully do business with each other and maximize the potential of their respective organizations. LoanStreet was founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan sharing platform.
About Portage Ventures
Portage Ventures, the venture capital arm of multi-asset class alternative investment platform Sagard, is an early-stage investor dedicated to supporting financial technology companies. Its team has deep entrepreneurial and industry experience and provides its founders with a privileged access to the firm’s partners, in-house experts, and broader global ecosystem. Portage Ventures has a presence in Montreal, Toronto, New York, San Francisco, Paris and Southeast Asia.
About Curql Collective
Curql Collective is a collaborative approach that brings investment capital, credit unions, and fintech together. Launched in 2020 Curql is steered by a collective of forward-thinking credit unions, including former founders, operators, and leaders in the fintech and investment spaces. The group’s flagship – Curql Fund I – invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money.
About Coastal Financial Corporation
Coastal Financial Corporation (Nasdaq: CCB), is an Everett, Washington-based bank holding company whose wholly owned subsidiaries are Coastal Community Bank and Arlington Olympic LLC. The Bank provides service through 14 branches in Snohomish, Island, and King Counties in Washington, the Internet and its mobile banking application. The Bank, through its CCBX division, provides banking as a service (“BaaS”) that allows its broker-dealer and digital financial service partners to offer their customers banking services.
About Sterling Bancorp
Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of services and solutions to business owners, their families, and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.