Financing small businesses lender StreetShares announced on Thursday it secured $10 million through its latest investment round, which involved funding from Motley Fool Ventures, Ally Ventures (the strategic investment arm of Ally Financial), and individual fintech angel investors.
Founded in 2013, StreetShares describes itself as America’s social financial community specifically for veterans, active duty military, their families, and supporters. The lender providers financial products, such as the following:
- Customized small business loans
- Lines of credit for working capital
- Government contract financing
- Mobilization and receivable financing
- High-yield investments
- Veteran community retail investment products
StreetShares also noted that since January 2020, its platform clients nearly doubled to 53 financial institutions. Through its partnership, StreetShares is expanding its platform into a full suite of post-Paycheck Protection Program (PPP) technologies that community banks and credit unions need to “better” serve small businesses. Speaking about the investment round, StreetShares CEO Mark L. Rockefeller, added:
“We’re seeing exciting digital adoption by banks and credit unions in response to COVID-19. But equally important to us is the practical impact our technology is having in helping their customers, especially underserved business owners, get the funding they need to succeed.”