Parlay Protocol

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: Coinbase, Fintech Rundown, Parlay Protocol, Q2, Tink, WorldPay

The week begins as platforms, websites, and applications around the world are reeling from a major Amazon Web Services (AWS) outage. The impact, which affected more than 500 companies and generated millions of outage reports according to Downdetector, is among the most significant Internet disruptions since the Crowdstrike incident in 2024.

Meanwhile, here on Finovate’s Fintech Rundown, we’re looking at a handful of newly announced partnerships in payments and a pair of announcements in the crypto commerce space. Be sure to check back all week long for the latest in fintech headlines!

Payments

Payment orchestration platform Gr4vy announces collaboration with Mastercard.

Worldpay inks deal to provide payment processing services for food retailer Kroger.

Emerging markets payment orchestration platform MoneyHash teams up with Saudi Arabia-based financial services app Tabby.

Coinbase launches the Coinbase One credit card.

CellPoint Digital launches One Source Orchestration, a payment optimization platform that meets the demand of OOSD retailing models.

Salt Edge and Sola partner to power instant payments across Europe.

Digital identity

IDenfy unveils new email and SMS verification tools.

Open banking

Bill sharing and expense app Splitwise expands its partnership with Tink to bring Pay by Bank to more markets in Europe.

Insurtech

Insurtech bolt launches boltAI for Agencies, a conversational and workflow AI agent that brings automation to property and casualty (P&C) insurance firms.

Crypto and DeFi

Coinbase introduces new business payment tools.

Crypto payments company MoonPay launches crypto commerce platform.

Lending

First Internet Bank goes live with Parlay Finance’s Loan Intelligence System.

Appli reaches one-year milestone with 10 credit union partners.

Digital banking

Financial intelligence platform Monit announces expanded integration and partnership with digital banking solutions provider Q2 Holdings.

YouTube star MrBeast files trademark indicating a planned move to expand into finance.

Photo by Alice Kotlyarenko on Unsplash

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Parlay Finance Secures $2 Million in Seed Funding for its Loan Intelligence System

Parlay Finance Secures $2 Million in Seed Funding for its Loan Intelligence System
By David Penn Posted on
Categories: Alumni News, Funding, Parlay Protocol
  • Loan intelligence system (LIS) company Parlay Finance has secured $2 million in seed funding in a round led by JAM FINTOP.
  • The funding will help Parlay expand product development and grow its network of community lenders.
  • Parlay made its Finovate debut at FinovateSpring 2024.

In a round led by JAM FINTOP, loan intelligence system (LIS) company Parlay Finance has raised $2 million in seed funding. The funding will help the Virginia-based fintech expand product development, deepen integrations with existing systems of record, and expand its network of community lenders.

“JAM FINTOP’s investment and network of banks creates a powerful multiplier effect for our technology,” Parlay CEO and Co-Founder Alex McLeod said. “Through this partnership, we’re empowering community lenders nationwide to maintain rigorous underwriting standards while drastically improving operational efficiency and insight. By democratizing access to AI-powered technology, Parlay is helping community banks to better compete while advancing their mission to serve local businesses.”

Parlay Finance offers a solution that helps lenders boost loan volume, enhance operational efficiency, and maximize profitability without incurring additional risk. The company’s loan intelligence system complements existing loan origination systems (LOS) and features capabilities including digital customer onboarding, information verification, and a decision management system—powered by AI—that streamlines the processing of Small Business Administration (SBA) loans, which are notoriously complex and costly to underwrite.

In a statement, Parlay noted that it also has intensified its relationships with banks in the JAM FINTOP network. JAM FINTOP Investor Stephen Schroder, who will join Parlay’s board of directors, underscored the opportunity for its partnering banks. “Parlay has built what our banks need: a system of intelligence that integrates with existing systems of record to deliver substantial improvements in both volume and efficiency,” Schroder said. “We are confident the team’s deep understanding of banking operations and proven ability to execute will drive value for financial institutions nationwide.”

Founded in 2022 and headquartered in Alexandria, Virginia, Parlay Finance made its Finovate debut at FinovateSpring 2024. At the conference, the company showed how its technology helps lenders generate high-quality loan packets and provide scalable technical assistance for small business applicants. This helps boost customer loyalty, improve the efficiency of lending operations, and create interest and fee revenue for Parlay’s lending partners.

Last month, Parlay Finance partnered with credit-decisioning firm and fellow Finovate alum Stratyfy. The strategic partnership will combine Parlay’s platform with Stratyfy’s credit solutions to offer a frictionless intake and underwriting experience that helps banks increase lending to qualified small business borrowers.

Photo by Jenna Hamra

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Parlay Wins Spot in Mastercard Start Path Small Business Program

Parlay Wins Spot in Mastercard Start Path Small Business Program
By David Penn Posted on
Categories: Alumni News, Daily news, MasterCard, Parlay Protocol
  • Loan intelligence system company Parlay will join Mastercard’s Start Path Small Business program. Parlay is one of eight companies selected.
  • Parlay’s technology complements a bank’s or credit union’s loan origination system to streamline and enhance small business loan processing.
  • Parlay made its Finovate debut at FinovateSpring 2024 in May as part of our Sustainability & Inclusion Scholarship program.

Parlay, which offers an AI-powered Loan Intelligence System (LIS) to help community banks and credit unions boost small business loan volume, is one of eight startups selected to participate in Mastercard’s Start Path Small Business program.

The incoming cohort consists of startups that have shown “dedication to democratizing financial tools and providing cutting-edge services for SMEs,” Mastercard noted in a statement. The statement underscored specific functions – such as spend management, onboarding, risk monitoring, loan approvals, and embedded finance solutions – that innovative fintech startups are helping digitize for small businesses.

Joining Parlay in the upcoming cohort of the program are Ballerine, Boost, CredibleX, Digi, Merge, Prime Dash, and RedOwl. The four-month program will give these startups the opportunity to leverage Mastercard’s network and subject matter expertise to forge product partnerships that help small businesses digitize their operations.

Parlay’s embedded fintech software helps lenders achieve a 64% increase in approved loans and an 87% reduction in manual underwriting workload. A white-label solution that complements loan origination systems, Parlay’s technology enables lenders to generate high-quality loan packets and maximize the eligible applicant pool. The company’s LIS also offers readiness insights to help businesses improve their creditworthiness; pre-screening to identify prime, marginal, and ineligible candidate pools; and pipeline analytics to enable loan officers to monitor applicant progress and underwriting eligibility.

“After a decade of work in economic development, our team realized that 77% of small businesses still struggle to access affordable capital and lack the insights need to navigate the lending process,” Parlay founder and CEO Alex McLeod said in a statement announcing the final eight startups invited to join the program. “We envision a future where community lenders, powered by Parlay’s AI-driven loan intelligence system, can get millions more small businesses approved for loans using unique, personalized insights that help both lenders and borrowers.”

Parlay made its Finovate debut at FinovateSpring in May as part of our Sustainability & Inclusion Scholarship program. The program is designed to spotlight underrepresented founders, as well as startups that are tackling issues such as climate change, diversity, and financial inclusion. Scholarships provide startups with complimentary demo participation, as well as the ability to network with our 2,000+ senior-level fintech attendees, fellow demoing companies, and more.

Past scholarship winners include Best of Show winning companies like Debbie, which won Best of Show at FinovateFall 2023, as well as Kobalt Labs and Remynt, both of which won Best of Show at FinovateSpring 2024.

Founded in 2022, Parlay is headquartered in Alexandria, Virginia.

Photo by Tim Mossholder

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Meet the Sustainability & Inclusion Scholarship Winners for FinovateSpring 2024

Meet the Sustainability & Inclusion Scholarship Winners for FinovateSpring 2024
By David Penn Posted on
Categories: Blee, Endaoment, FinovateSpring 2024, Instarails, Kobalt Labs, LiquidTrust, List series, Nav.it, Parlay Protocol, Remynt

This year FinovateSpring will feature eight startups that are winners of our Sustainability & Inclusion Scholarship program. The program is designed to showcase underrepresented founders and startups who are creating innovative solutions to combat climate change, promote diversity, and create financial inclusion.

To be eligible for the Finovate Sustainability & Inclusion Scholarship program, fintech and technology companies must have less than $7 million in funding. There are five categories in the program: environmental, social, governance, BIPOC founded/owned, and female-founded/owned.

Here are the Sustainability & Inclusion Scholarship winners for FinovateSpring 2024:

Blee – Scholarship winner in the Governance category. Headquartered in New York and founded in 2022, Blee helps organizations move to market quicker while increasing revenue and minimizing compliance risk. LinkedIn.

Endaoment – Scholarship winner in the Social category. Headquartered in San Francisco, California and founded in 2020, Endaoment empowers nonprofit organizations to accept donations in crypto and stock without having to accept the asset directly. LinkedIn.

Instarails – Scholarship winner in the Female Founded/Owned category. Headquartered in Alpharetta, Georgia and founded in 2022, Instarails enables banks and other organizations to offer instant, inexpensive, and inclusive payments to boost revenue, generate growth, and pave the way for entry into new markets. LinkedIn.

Kobalt Labs – Scholarship winner in the Female Founded/Owned category. Headquartered in New York, NY, and founded in 2023, Kobalt Labs helps fintechs and financial institutions accelerate and strengthen third-party diligence, facilitating revenue-generating partnerships and improving operational efficiency – without increasing headcout. LinkedIn.

LiquidTrust – Scholarship winner in the Female Founded/Owned category. Headquartered in Los Angeles, California, and founded in 2019, LiquidTrust enables banks to offer an improved customer experience to their business customers, grow non-interest bearing deposits, and generate additional revenue. LinkedIn.

Nav.it – Scholarship winner in the Female Founded/Owned category. Headquartered in Seattle, Washington, and founded in 2019, Nav.it integrates with existing HR systems to help organizations grow their businesses by enhancing employee financial wellness. LinkedIn.

Parlay Protocol – Scholarship winner in the Female Founded/Owned category. Headquartered in Alexandria, Virginia, and founded in 2022, Parlay Protocol offers technology that boosts the odds that an applicant will secure access to small business funding while helping banks gain new customers and attract new borrowers. LinkedIn.

Remynt – Scholarship winner in the BIPOC Founded/Owned category. Headquartered in San Francisco, California, and founded in 2022, Remynt helps creditors achieve higher recoveries and recapture defaulted consumers as customers as their financial position improves. LinkedIn.

FinovateSpring (May 21-23) is only a few weeks away! Take advantage of big early-bird savings on your registration when you buy your ticket by May 10.

Photo by Emily Ranquist

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FinovateSpring 2024 Sneak Peek Series: Part 5

By Madeline Clines Posted on
Categories: FinovateSpring 2024, FinovateSpring 2024 Sneak Peek, Modernbanc, Parlay Protocol, PayToMe.co, Safari SOP, Tennis Finance

A look at the companies demoing at FinovateSpring in San Francisco on May 21 and 22. Register today using this link and save 20%.

Modernbanc

Modernbanc helps companies effortlessly manage, secure, and reconcile their payment data. Their new AI-powered reconciliations product helps companies automate financial processes.

Features

  • Automates the most complex reconciliation or financial ETL in minutes
  • Leverages the power of AI and no-code to give finance teams the superpower of developers
  • Provides native support for live payments data

Who’s it for?

Financial institutions, fintechs, platforms, and marketplaces.

Parlay Protocol

Parlay Protocol’s embedded fintech software empowers lenders to approve more small business loans, enhancing efficiency, loyalty, and revenue for financial institutions.

Features

  • Improves small business loan packet quality and conversions
  • Maximizes eligible applicant pools
  • Improves underwriting efficiencies

Who’s it for?

Banks, credit unions, small businesses, and CDFIs.

PayToMe.co

PayToMe.co, an award-winning fintech, offers secure, streamlined financial transactions globally with patented text-to-pay, advanced KYC, and partnerships with Plaid, Stripe, and Elavon.

Features

  • Manages mass transactions and marketplaces via Stripe Connect and onboarding with Elavon
  • Utilizes Plaid’s KYC, AI, and Apptech’s patents
  • Offers global digital invoicing (AR) and checkbook AP automation

Who’s it for?

SMBs, larger enterprises, and cross-border entities, particularly those engaged in the travel and global e-commerce sectors.

Safari SOP

Safari SOP transforms how financial institutions manage governmental, civil, and sensitive data requests, providing control, automation, and enhanced security from intake through response.

Features

  • Enables process control and automation
  • Saves time, recovers actual costs, and reduces risk
  • Digitizes and secures the process from intake to resolution

Who’s it for?

Banks, credit unions, and the world’s largest employers.

Tennis Finance

Tennis Finance is an AI platform that automates financial compliance and gets product insights from customer conversations.

Features

  • Automatically scans 100,000 communications for compliance violations and issues
  • Provides trend analyses on issues and categorizations
  • Delivers AI-generated plans to fix issues and increase customer satisfaction

Who’s it for?

Financial institutions, banks, partner banks, fintechs, and non-bank lenders.

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