“We provide the solutions necessary for community banks to operate more efficiently and effectively, while focusing on what matters most: exceptional customer service,” said Teslar CEO and Founder Joe Ehrhardt. “This investment and ICBA’s support will provide resources to grow our team and continue advancing our technology, furthering our mission to help community bankers prosper.”
The Arkansas-based company will use the funds to add to its workforce, specifically in its client support, marketing, and technology development departments. Teslar graduated from ICBA’s ThinkTECH accelerator program earlier this year where its demo won the Banker’s Choice Award for Most Impactful Solution.
Teslar offers a lending and credit management SaaS solution that offers banks a holistic tool for managing credit and lending operations. At FinovateSpring 2015, Ehrhardt demoed how Teslar serves as a one-stop shop for lenders.
A full 60% of the company’s staff are former bankers, a pedigree which offers them insight into the headaches often faced during the lending process. This group of former bankers relies on what they call the “four pillars:” empowering bankers, integrating multiple systems, streamlining processes, and making it scalable. These objectives translate into everything from a toolset to manage loan reviews, to loan portfolio management, exceptions management, and more.
Innovation in the lending space is becoming increasingly relevant as bankers are taking a second look at their loan portfolios to make sure they are recession-proof. Solutions like Teslar offer a faster way for loan officers to close deals and minimize risk.