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Portland based Lending-as-a-service provider, Mirador, raised $7m in Series A financing led by Core Innovation Capital. Mirador is not a direct lender, but rather partners with financial institutions to provide the technology necessary to compete against online marketplace lenders without the need for heavy R&D spending. The year-and-a-half old fintech company intends to aggressively add more financial institutions to their online lending platform and expand the Oregon-based product development team
Small businesses in the United States carry nearly $700 billion of small-dollar loans, borrowing over $200 billion each year. But even in a year that saw the U.S. Small Business Administration set an all-time record for lending, and the entrance of dozens of new online lenders and alternative finance companies focused on lending to SMBs, it is estimated that at least a $70 billion funding gap remains in small business financing. Deserving entrepreneurs still report they have trouble accessing the credit necessary to grow their businesses. The Mirador mission is to make it easier for these business owners to access lower-cost capital from banks, credit unions, and community lenders.
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