" class="no-js "lang="en-US"> LoanStreet Closes $25 Million Series B Funding Round
Sunday, February 05, 2023
Saltedge Report

LoanStreet Closes $25 Million Series B Funding Round led by Portage Ventures

LoanStreet Inc, the leading platform for sharing, managing and analysing 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.”

 

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