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RESTON, Va., – Mar. 18, 2020 – StreetShares, a financial technology company, announced today a new “Mainstreet Heroes” initiative to provide free technology to help institutions make loans to small businesses impacted by the coronavirus.
StreetShares, led by Mark L. Rockefeller and Mickey Konson, launched a small business “Lending-as-a-Service” technology platform in September 2019. StreetShares has nearly 30 banks, credit unions, and alternative lenders using the technology to make more small business loans. The technology was recently voted “Best in Show” at the small business lending industry’s leading conference.
StreetShares is offering to waive software subscription fees for its Lending-as-a-Service technology for the rest of the year for entities who use the technology to fund small businesses impacted by the novel coronavirus.
“In the wake of the coronavirus, business owners and regulators are both asking lenders to do more to help mainstreet,” said StreetShares CEO Mark L. Rockefeller, “But most banks and credit unions simply have no ability to make these loans digitally. But we have the needed technology. We can power lenders to be the heroes that mainstreet needs right now.”
The offer to waive subscription fees is particularly timely in the wake of the novel coronavirus, because bank branches offices are closing, and only 1% of banks have the digital, online, small business lending capability necessary to make loans 100% digitally.
The initiative comes along with a new $3 million venture funding round from Motley Fool Ventures closed last week. “We’re excited for the future of StreetShares,” said Motley Fool Ventures Managing Director, Ollen Douglass. “Now more than ever, StreetShares has the technology that mainstreet needs.”
The StreetShares Platform provides lenders with a white-labled, 100% digital loan application, instant digital underwriting, loan servicing, and tracking of small business loans. The turnkey StreetShares Platform requires no software integration, and is up and running within 30 days. Lenders can fund the loans themselves or allow StreetShares to fund the loans.
The new initiative follows a history of StreetShares’ innovation to ease the burden of national economic challenges, including a January 2019 initiative to fund government contractors impacted by the federal government shutdown.
StreetShares is an award-winning financial technology company that helps financial institutions provide high-quality loans to small businesses. Started in 2014 as a low-cost, digital lender to veteran-owned small businesses, StreetShares built a best-in-class small business underwriting technology. StreetShares launched a Lending-as-a-Service (LaaS) platform to allow community banks and credit unions to affordably make small business loans with a 100% digital, omni-channel experience, with one-day underwriting. The StreetShares platform can be up and running in a community bank or credit union in 30 days with no core software integration. StreetShares was named 2018 EY Entrepreneur of the Year and 2017 Innovator of the Year. For more information, visit: streetsharesplatform.com.
About Motley Fool Ventures
Based in Alexandria, Va., Motley Fool Ventures brings The Motley Fool’s investing principles and member community to venture capital. Launched in 2018, Motley Fool Ventures invests in early-stage companies that leverage technology to create a clear competitive advantage in their industry. Its dedicated team, investor community, and robust network aim to provide value to entrepreneurs beyond just capital. To learn more about Motley Fool Ventures, please visit: foolventures.com.