Mirador, a Portland, Oregon-based lending-as-a-service provider, completed a $7m Series A round of financing.
The round was led by Core Innovation Capital, with participation from Nyca Partners and Jump Capital as well as initial seed investors Collaborative Fund, Wicklow Capital, and Crosslink Capital.
The company intends to add more financial institutions to their online lending platform and expand the product development team.
Led by Trevor Dryer, CEO and co-founder, Mirador has developed machine learning technology for banks, credit unions, and other traditional lenders to offer competitive small business loans. The cloud-based, custom-branded borrower application (that does not require integration with a lender’s legacy systems) enables financial institutions to make rapid credit evaluations and provide an online borrower experience with a streamlined workflow that facilitates review and underwriting of commercial loans. Credit reports, tax transcripts, account statements, and financial records are all collected directly from electronic information services, the borrower’s bank, and online accounting systems. The platform generates a complete loan file, including a detailed credit memo plus a risk summary generated from thousands of rich data points from non-traditional sources to further inform a lender’s underwriting.