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Image Credits:Pier / Pier co-founders Alex Hegevall Clarke and Jessica Zhang
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While work at fintech lending platformStilt , Jessica Zhang and Alex Hegevall Clarke saw how expensive and time - consuming it was for the credit industriousness to fit out their in - house tech stacks in parliamentary procedure to adhere to stringent federal and Department of State regulations . So they decided to build up something that would be easier .
“ business sector , whether a venture - back startup or even brick - and - howitzer lenders , really shin to launch products quickly and compliantly because of how fragmented existing solution are and the high compliance hurdles , ” Zhang say TechCrunch . “ Pieris ramp up ‘ Stripe for credit , ’ which is a way for company to automatise their own credit products . ”
Here ’s how it works : developer add Pier ’s APIs with a few agate line of codes , save month of labor and jillion of dollar , Zhang say . Pier ’s applied science then wangle the credit lifecycle from end - to - end , let in origination , underwriting , compliance and servicing .
Other companies have also claimed to be “ Stripe for reference , ” for example , Setpoint , a startup that developed software for fast loan transactions . EvenStripeitself created new credit products for patronage about six month ago .
Andreessen Horowitz leads $ 43 M Series A for Setpoint , which aims to be the ‘ stripes for credit ’
However , Pier , which launched in 2023 , is more of an on-going , active process that evolves throughout each loanword ’s lifecycle , unlike payments and banking , Zhang enjoin . Other solution out there address specific components of the lifecycle , like underwriting or Know Your Customer , while Pier provide a more comprehensive offering .
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Pier is a SaaS model and charges a monthly fee that admit a monthly lower limit plus a usage fee based on loan volume , use case and on the routine of inquiries . Some of those habit cases include credit builders , buy now , pay later for weddings and clean energy , pay advance loans , merchant advance and portfolio lines of quotation .
Zhang was Chrysanthemum morifolium on the number of users and tax income growth , but did say the society has more than a few years of runway .
The company recently secured $ 2.4 million in cum funding . Investors in the round of drinks let in Y Combinator , Liquid 2 Ventures , ACME , Horizon Ventures and a radical of angel investors , include Brian Neer of Morgan Stanley ; Seth Weinstein ( former chief operating officer of Morgan Stanley Fund Services ) and YC partner Divya Bhat .
Zhang plans to invest the new capital into merchandise development and build a squad .
credit entry card and payments company compete for a slice of the produce BNPL market