Loan intelligence system company Parlay has been selected to join Mastercard’s Start Path Small Business program, one of only eight companies chosen. Parlay’s technology is designed to complement a bank’s or credit union’s loan origination system, streamlining and enhancing the small business loan processing experience.
Parlay made its debut at FinovateSpring 2024 in May as part of the Sustainability & Inclusion Scholarship program. The company offers an AI-powered Loan Intelligence System (LIS) aimed at helping community banks and credit unions increase their small business loan volume.
The upcoming cohort of startups in Mastercard’s program focuses on democratizing financial tools and offering cutting-edge services for SMEs. These innovative fintech startups are driving the digitization of functions such as spend management, onboarding, risk monitoring, loan approvals, and embedded finance solutions for small businesses.
Joining Parlay in the program are Ballerine, Boost, CredibleX, Digi, Merge, Prime Dash, and RedOwl. The four-month initiative will allow these startups to leverage Mastercard’s network and expertise to establish product partnerships that support small businesses in their digital transformation journey.
Parlay’s fintech software is designed to help lenders achieve a 64% increase in approved loans and an 87% reduction in manual underwriting workload. This white-label solution enhances existing loan origination systems, enabling lenders to generate high-quality loan packets and expand the pool of eligible applicants.
The LIS provided by Parlay also offers readiness insights to help businesses improve their creditworthiness, pre-screening to identify candidate pools, and analytics to monitor applicant progress and underwriting eligibility.
Parlay’s founder and CEO, Alex McLeod, emphasized the company’s vision of empowering community lenders with AI-driven loan intelligence to approve loans for millions more small businesses. The goal is to provide unique, personalized insights that benefit both lenders and borrowers in the lending process.
Founded in 2022, Parlay is based in Alexandria, Virginia.
Parlay’s participation in Mastercard’s Start Path Small Business program underscores the company’s commitment to innovation and financial inclusion. By collaborating with industry leaders like Mastercard, Parlay aims to further enhance its offerings and make a meaningful impact on small businesses seeking access to affordable capital.
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