- New York-based credit decisioning company Stratyfy forged a strategic partnership with loan intelligence system Parlay Finance.
- Together the two companies will help banks and other financial institutions provide a more seamless onboarding and underwriting experience for their small business borrowers.
- Stratyfy won Best of Show in its most recent Finovate appearance at FinovateFall 2022. Parlay demonstrated its technology at FinovateSpring 2024.
Credit decisioning specialist Stratyfy and loan intelligence system Parlay Finance announced a strategic partnership this week. The alliance will offer frictionless onboarding and underwriting experiences that enable more banks to serve a larger number of qualified small business borrowers. The combination of Stratyfy and Parlay’s technology will also give small businesses actionable insights they need in order to more easily secure funding.
“Our technology is designed to help lenders make better credit decisions by uncovering signals often overlooked by traditional approaches,” Stratyfy CEO Laura Kornhauser said. “Combining that with Parlay’s strength in surfacing opportunities and accelerating small businesses through the loan application process is a powerful match.”
Stratyfy provides AI-powered solutions for credit, compliance, and fraud teams to help them modernize lending. A specialist in decision optimization for financial institutions, Stratyfy helps lenders access new markets, reduce costs, and encourage growth with less risk. Parlay’s AI-powered platform streamlines digital onboarding, verification, and qualification to enable lenders to more efficiently provide Small Business Administration (SBA) and small business loans. The company’s technology integrates with loan origination systems to increase both volume and profitability.
Combined, the two solutions provide an underwriting solution that automates workflows, boosts performance, and enhances risk-adjusted returns. The partnership has already yielded results with teams from Stratyfy and Parlay collaborating on a joint client engagement: a community lender seeking to increase success rates for entrepreneurs who have been historically underbanked.
“Parlay empowers lenders to digitally onboard and verify small business information while providing applicants with personalized financial insights,” Parlay Finance CEO Alex McLeod said. “Teaming up with Stratyfy extends that value through the full credit lifecycle, helping lenders match with and support the businesses they’re best suited to serve.”
Headquartered in Alexandria, Virginia, Parlay Finance demonstrated its technology at FinovateSpring 2024 in San Francisco. The company showed how its embedded fintech software, Parlay Protocol, helps financial institutions generate more high-quality loans and provides technical assistance to small business applicants. Lenders working with Parlay have benefited from a 64% boost in approved loans and an 87% reduction in manual, underwriting workloads. Most recently, Parlay announced a partnership with Mastercard and JAM FINTOP to expand its services nationwide.
New York-based Stratyfy won Best of Show in its most recent Finovate appearance at FinovateFall 2022. At the conference, the company demonstrated its UnBias technology that enables financial institutions and fintechs to discover and undo bias in complex financial decisions including during the underwriting process.