Parlay partners with JAM FINTOP to help lenders scale profitable growth
Parlay Finance partners with JAM FINTOP to empower community banks with AI-driven solutions, streamlining small business loan approvals and boosting profitable growth.
Parlay Finance, an AI-native software-as-a-service company that helps community banks and other commercial lenders efficiently and profitably approve more small business loans, has partnered with JAM FINTOP (1), a venture capital firm that invests in bank technology on behalf of regulated financial institutions.
“Small business lenders need a way to book loans more efficiently and profitably while also attracting new deposits. Parlay is helping community banks around the country as they navigate these challenges, and our relationship with JAM FINTOP can help lenders accelerate profitable growth,”
The first three steps of the origination process – intake, eligibility verification, and decisioning – cause a significant bottleneck for business bankers and relationship managers. This manual and time-consuming process limits how many loans a given financial institution can book each month and negatively impacts both loan economics and profitability metrics. “Business bankers can spend up to 80% of their time following up with small business applicants to determine whether the applicant is a viable loan candidate. This is especially painful for SBA 7(a) loans and C&I loans under $1 million, where the eligibility requirements and administrative burden can make loans expensive to originate,” said McLeod. “Parlay helps business banking teams efficiently and profitably book more loans while unlocking previously inaccessible monetization pathways.”
“For many community and regional banks, small business loan growth is a strategic focus area but also a challenge to efficiently scale. We are excited to partner with Parlay and believe its AI-native applications can be incredibly helpful to banks in the current environment, where SBA loans can drive more interest and fee income in a risk-adjusted manner." Stephen Schroder, Investor at JAM FINTOP.
Parlay has raised investment funding to date from venture capital funds including Fenway Summer and Techstars, in addition to investors who are in roles at banks including board members and executives.
About Parlay Finance
Parlay is a SaaS-based Loan Intelligence Systems (LIS) company. Parlay offers a suite of AI-native applications for credit unions and community banks issuing SBA and conventional small business loans. The Parlay LIS easily integrates with existing Loan Origination Systems, enabling loan origination teams to dramatically increase loan volume, maximize operational efficiency, and improve profitability without increasing overall business risk. For more information, visit www.parlay.finance.
About JAM FINTOP
JAM FINTOP is a joint venture between JAM Special Opportunity Ventures and FINTOP Capital. The partnership brings together bank experts and seasoned fintech entrepreneurs to invest in companies changing the way financial institutions and their customers move, track, and interact with money. For more information, visit www.jamfintop.com.
(1) JAM FINTOP is a brand name. When referring to investment funds JAM FINTOP refers to the joint venture between JAM Special Opportunity Ventures – Management (JSOV-M) and Nested Rails (d/b/a FINTOP Capital) as co-investment managers of those investment funds. JAM Special Opportunity Ventures (JSOV), an affiliate of JSOV-M, is a member of the general partnerships of JAM FINTOP investment funds.