Parlay Finance, an AI-powered loan intelligence system, raised $2 million in a seed funding round.
The round was led by JAM FINTOP.
Parlay will use the proceeds to continue scaling its technology nationwide. The platform’s capabilities include digital customer onboarding, information verification, and an AI-powered decision management system to streamline processes for Small Business Administration loans.
“JAM FINTOP’s investment and network of banks creates a powerful multiplier effect for our technology,” Alex McLeod, Parlay’s co-founder and CEO, said in a press release.
“Through this partnership, we’re empowering community lenders nationwide to maintain rigorous underwriting standards while drastically improving operational efficiency and insight,” McLeod added. “By democratizing access to AI-powered technology, Parlay is helping community banks to better compete while advancing their mission to serve local businesses.”