Venture capitalists have placed their financial support behind another alternative lending platform. An announcement on Monday (Nov. 30) revealed Lending-as-a-Service firm Mirador, which links small business borrowers to lenders via its online portal, has secured Series A funding to the tune of $7 million.
[bctt tweet=”Mirador has secured Series A funding to the tune of $7 million.”]
Investment was led by Core Innovation Capital, with a slew of other backers participating in the round, including Nyca Partners and Jump Capital. Collaborative Fund, Wicklow Capital and Crosslink Capital also participated in the round, reports said, in addition to having previously provided seed funding.
Mirador provides the technology that traditional financial institutions need to reach small business borrowers without having to develop their own digital platforms. In a statement, Core Innovation Managing Partner Kathleen Utecht described why this is beneficial to traditional FIs.
“Banks enjoy important relationships with small business customers and are stable sources of lendable capital, but they frequently lack the tools to profitably offer small commercial loans,” she said, adding that Mirador provides access to this type of technology while leading to faster, more affordable loans for SMBs.
According to Mirador, 15 banks, credit unions and community lenders are linked into its platform, including Sno Falls Credit Union and Pacific Continental Bank.
The company’s CEO and cofounder, Trevor Dryer, said the investors working with Mirador are those that support financial innovation. “They know how to build a successful FinTech business and have immense experience navigating the complexities of this industry,” Dryer stated.
Mirador said it plans to use the funding to expand its operations in Oregon and to pursue partnerships with more financial institutions for its lending portal.
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