First-of its-Kind loan readiness platform, Parlay, raises $1.3M

Parlay is an embedded fintech software that helps community banks and credit unions get more small businesses approved for loans.
PRNewswireFebruary 14, 20244 min

Parlay, the first-of-its kind small business loan readiness platform, 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 ‚ÄĒ 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 ‚ÄĒ ranging from the idea stage through to Series A and beyond.

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