First-of its-Kind Loan Readiness Platform, Parlay, Raises $1.3M to Offer Inclusive Access to Financial Resources for Small Businesses

Parlay is an embedded fintech software that helps community banks and credit unions get more small businesses approved for loans.

ALEXANDRIA, Va., Feb. 14, 2024 /PRNewswire/ — Parlay, the first-of-its kind small business loan readiness platform, today announces the close of $1.3 million in pre-seed financing led by Fenway Summer.

Other firms investing in the round include Hivers and Strivers Capital, Service Provider Capital, Capacity Capital, and Alumni Ventures, together with a follow-on investment from Techstars.

Parlay was founded in 2022 by entrepreneur and military spouse Alex McLeod, West Point graduate and former U.S. Special Operations Command Innovation Officer Jay Long, and West Point graduate and former Army Ranger James Cho. Parlay partners with community banks and credit unions to enable financial inclusion and capital access for the small business market — over 33 million diverse small business owners across the United States. 

“This pre-seed funding enables us to continue fulfilling our mission: partnering with community banks and credit unions to extend more loans to the small businesses that form the backbone of our economy,” said CEO of Parlay Alex Mcleod. “We’re excited to continue this important work with strategic champions like Fenway Summer by our side.”

“We are excited and proud to back Parlay. Small businesses drive the American economy; access to capital drives small businesses. Parlay’s loan readiness platform is an innovative approach to helping banks and credit unions better access and underwrite those critical small business customers” said Raj Date, managing partner of Fenway Summer, the Washington, D.C.-based venture capital firm focused on early-stage fintech investing, “But what we are most excited about is supporting a founding team that is as ambitious, talented, and passionate as this one.”

Parlay was selected to participate in The PenFed Foundation Veteran Entrepreneur Program Fall 2023 Cohort. The program exclusively supports veteran and military spouse entrepreneurs building highly scalable startup companies — ranging from the idea stage through to Series A and beyond.

For more information about Parlay visit parlay.finance.

About Parlay
Parlay Finance is an embedded fintech software that helps community banks and credit unions get more small businesses approved for loans. The company helps small businesses maximize their eligibility for loan products while increasing loan quality, throughput, and efficiency for lenders.

About PenFed Foundation Founded in 2001, The PenFed Foundation is a national nonprofit organization that supports veterans in their transition from service to success. Affiliated with PenFed Credit Union, the Foundation has provided more than $50 million in financial support to veterans, active-duty service members and military families. The credit union funds the Foundation’s personnel and most operational costs, allowing 99% of incoming donations to go directly to our programs. To learn more, please visit www.penfedfoundation.org.

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SOURCE PenFed Foundation; Parlay