Presta, an end-to-end digital lending platform that modernizes and accelerates the loan origination process, announced its launch after raising $3.3 million in oversubscribed pre-seed fundraise.
Led by Distributed Ventures with additional investment from Zeal Capital Partners, Matchstick Ventures, The Fund, Tech Stars, and Jumpstart Ventures, the funding “will support the continued growth of Presta’s digital platform and expansion of its team.”
Presta’s lending software “creates a one-stop shop for lenders to spend more time building relationships with clients and less time managing the tedious and manual parts of their lending process.”
Thousands of lenders “originate over $650 billion in small business loans every year, yet nearly 60% of community banks, which are one of the main originators of small business loans, do not offer online applications.”
Leopoldo Peña, CEO and Co-Founder of Presta, said:
“A major industry pain point we continuously hear from lenders is the need to bring their lending processes into the 21st century. Presta’s platform is tailor-made for small businesses and commercial lenders to accelerate the loan application and determination process. The impact of Presta’s digital lending infrastructure extends far beyond bottom-line benefits for its customers and streamlines the loan origination process, empowering lenders to prioritize relationship-building.”
Founded by Leopoldo Peña and Peter Truog, Presta builds on the success of the founders’ first company, The Opportunity Exchange, which “helped cities connect local businesses to equity investors.”
Presta’s core focus is “helping lenders lend to businesses more efficiently through a one-stop platform for the entire process from outreach, application, underwriting, closing, servicing, and reporting.”
Shawn Ellis, Managing Partner at Distributed Ventures, said:
“Recognizing the need to modernize the lending process, Presta’s platform helps community banks step into the future of digital lending. Our fund is committed to backing fintech pioneers and innovators that yield improved experiences and outcomes for financial institutions and their customers. Presta focuses on the often-overlooked segment of community banks and credit unions by bringing many of the functions they manage disparately today all together on one platform.”
Lenders can “generate more revenue while saving costs associated with the inefficient lending processes that they manage today.”
Modern businesses “seek capital via technology, and Presta helps lenders meet their customers where they are by offering digital tools to build pipelines and appeal to digitally native customers.”
In addition, lenders can “reach more customers, book more loans, and generate more interest income through the use of Presta.”
Nasir Qadree, Founder and Managing Partner of Zeal Capital Partners, said:
“Today and for far too long, the loan application process has been lengthy, manual, and ripe for disruption. We are excited to partner with Leo, Peter, and team to improve the overall experience for borrowers and bankers. With Presta, banks can revolutionize their credit products using automation, enhanced data and analytics to simplify and accelerate lending decisions. We believe Presta will become a critical springboard as banks continue to innovate the financial services ecosystem.”