Peach Finance, a loan servicing startup based in California, has closed a $20 million Series A funding round to expand its loan management platform.
The funding round was led by Canapi Ventures, counting with participation from existing and new investors like SciFi VC, Caffeinated Capital, Nyca Partners, and Moore Specialty Credit. The round brings the total funding raised by the startup since being founded in 2018 to $27.5 million. Jeffrey Reitman, Partner at Canapi Ventures, said about the firm’s participation:
“The legacy servicing solutions that exist today are not able to provide a borrower experience commensurate with how these digital lenders want to interact with their customers – creating significant tailwinds that will fuel Peach’s growth as it builds on its strong momentum and capitalizes on the many growth opportunities ahead. Canapi is thrilled to be leading Peach’s Series A, and we look forward to helping banks and fintechs upgrade their customer servicing experience to meet the ever-evolving expectations of today’s consumer.”
Peach has developed a pioneering all-in-one Saas platform designed to meet the increasing and evolving demands of the fintech industry. The solutions developed by the startup focus on providing a great deal of flexibility on how it can be configured, providing a better service experience to borrowers and other customers. Eddie Oistacher, Peach Chief Executive Officer, referred to the role the startup’s solution play in today’s industry:
“For both traditional lenders and modern fintechs needing to deliver efficiency and an exceptional customer experience, legacy systems simply aren’t cutting it – and Peach is uniquely able to meet this tremendous, growing market need with our all-in-one SaaS platform. We’re thrilled to have the support of Canapi Ventures and all our investors as we continue our growth trajectory in this important segment of the industry.”
The funding will be used by the loan servicing startup to support its continued expansion in the loan management and servicing market. These efforts will include the launch of new credit products, customer growth initiatives, and the expansion of its current team, elements that Peach believes will help it become a leading force in the industry.
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