Oakland based loan serving SaaS raised $20m in Series A funding led by Canapi Ventures.
“I have seen firsthand the challenges that emerging lenders have commonly faced, and legacy platforms continue to fall short in a few important ways,” said Eddie Oistacher, Peach Chief Executive Officer. “First, they were built around a very specific type of loan, and any deviation from that loan type requires a custom build – making it slow and difficult to launch new credit products and even to implement simple changes. Second, the regulatory landscape has become more complex over time, with an intricate patchwork of federal, state and local laws that legacy systems were never designed to handle. And third, no legacy solution provides all-in-one functionality. Lenders must integrate an array of vendors piecemeal, leading to convoluted integrations, instability and endless bugs. Since legacy platforms were built on mainframes, they don’t fit into today’s cloud-based architecture.”