“Securing this seed funding is a strong vote of confidence in our mission to transform the outdated, manual lending systems that banks still rely on today,” said Founder and CEO Ted Willich. “We are excited to work with JAM FINTOP, a partner that shares our vision of modernizing financial services through practical innovation.”

The startup’s platform offers a user-friendly interface combined with robust AI tools that streamline the historically complex and paper-heavy SBA lending process. According to the company, its solution can reduce loan processing times by over 50%, while increasing accuracy and compliance—key factors for banks operating in a tightly regulated environment.

Parlay’s success arrives at a pivotal moment in the fintech industry, where the demand for faster, more inclusive lending solutions continues to grow. Small businesses—often overlooked or delayed by traditional financial institutions—stand to benefit significantly from innovations that simplify access to capital.

JAM FINTOP, which has backed several high-growth fintechs, emphasized that Parlay’s approach could help hundreds of community banks and credit unions serve small businesses more efficiently.

“We see Parlay as a key enabler of digital transformation for institutions that are vital to their local economies,” said a spokesperson from JAM FINTOP. “Their team has the domain expertise, technical ability, and vision to create meaningful change in this space.”

The $2 million seed funding will be used to expand Parlay’s engineering and product teams, strengthen partnerships with regional banks and credit unions, and enhance the platform’s automation and compliance features.