Parlay is an embedded fintech software that
helps community banks and credit unions get more small businesses
approved for loans.
ALEXANDRIA, Va., Feb. 14,
2024 /PRNewswire/ -- Parlay, the first-of-its kind
small business loan readiness platform, today announces the close
of $1.3 million in pre-seed financing
led by Fenway Summer.
Other firms investing in the round include Hivers and Strivers
Capital, Service Provider Capital, Capacity Capital, and Alumni
Ventures, together with a follow-on investment from Techstars.
Parlay was founded in 2022 by entrepreneur and military spouse
Alex McLeod, West Point graduate and
former U.S. Special Operations Command Innovation Officer
Jay Long, and West Point graduate
and former Army Ranger James Cho.
Parlay partners with community banks and credit unions to enable
financial inclusion and capital access for the small business
market — over 33 million diverse small business owners across the
United States.
"This pre-seed funding enables us to continue fulfilling our
mission: partnering with community banks and credit unions to
extend more loans to the small businesses that form the backbone of
our economy," said CEO of Parlay Alex Mcleod. "We're excited to
continue this important work with strategic champions like
Fenway Summer by our side."
"We are excited and proud to back Parlay. Small businesses drive
the American economy; access to capital drives small businesses.
Parlay's loan readiness platform is an innovative approach to
helping banks and credit unions better access and underwrite those
critical small business customers" said Raj Date, managing partner
of Fenway Summer, the Washington, D.C.-based venture capital firm
focused on early-stage fintech investing, "But what we are most
excited about is supporting a founding team that is as ambitious,
talented, and passionate as this one."
Parlay was selected to participate in The PenFed Foundation
Veteran Entrepreneur Program Fall 2023 Cohort. The program
exclusively supports veteran and military spouse entrepreneurs
building highly scalable startup companies — ranging from the idea
stage through to Series A and beyond.
For more information about Parlay visit parlay.finance.
About Parlay
Parlay Finance is an embedded fintech
software that helps community banks and credit unions get more
small businesses approved for loans. The company helps small
businesses maximize their eligibility for loan products while
increasing loan quality, throughput, and efficiency for
lenders.
About PenFed Foundation Founded in 2001, The PenFed
Foundation is a national nonprofit organization that supports
veterans in their transition from service to success. Affiliated
with PenFed Credit Union, the Foundation has provided more
than $50 million in financial support to veterans,
active-duty service members and military families. The credit union
funds the Foundation's personnel and most operational costs,
allowing 99% of incoming donations to go directly to our programs.
To learn more, please visit www.penfedfoundation.org.
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SOURCE PenFed Foundation; Parlay