Fintech StreetShares to provide a public demonstration of the StreetShares Platform, a lending-as-a-service (LaaS) technology will allow the community banks and credit unions to affordably make small business loans with a 100% digital experience.
The StreetShares Platform serves every aspect of the loan lifecycle and can be up and running in 30 days. The loans can be funded by StreetShares or by the financial institution, according to the institution’s preference.
“Small business lending holds enormous growth potential for community banks and credit unions,” said Mark L. Rockefeller, CEO of StreetShares. “Unfortunately for them, online lenders and technology companies have stolen their market share. Our platform levels the playing field and puts community banks and credit unions back in control. To our knowledge, we’re the first fintech to give the financial community a peak under the hood.”
According to StreetShares’ research, fewer than 100 banks in America have an effective digital small business lending solution. This restricts their ability to serve the small business market, retain customers who are small business owners and capture new small business deposit accounts.
“One big problem community banks and credit unions face is integration,” Rockefeller explained. “They don’t have an army of software engineers and have difficulty integrating new technologies into their legacy core banking platform. The StreetShares Platform sidesteps this issue. We also give financial institutions a full suite of analytics that help them understand their customers better and cross-sell other products.”
The StreetShares Platform can be white labeled or co-branded. The platform features advanced underwriting technology providing industry-leading loss rates, allows for fully-digital loan applications across all bank channels and offers the assurance of being bank regulator and compliance-tested.