Parlay, the first-of-its-kind small business loan readiness platform, today announces the close of $1.3 million in pre-seed financing led by Fenway Summer.

Other firms investing in the round include Hivers and Strivers Capital, Service Provider Capital, Capacity Capital, and Alumni Ventures, together with a follow-on investment from Techstars.

"This pre-seed funding enables us to continue fulfilling our mission: partnering with community banks and credit unions to extend more loans to the small businesses that form the backbone of our economy," said CEO of Parlay Alex Mcleod. "We're excited to continue this important work with strategic champions like Fenway Summer by our side."

"We are excited and proud to back Parlay. Small businesses drive the American economy; access to capital drives small businesses. Parlay's loan readiness platform is an innovative approach to helping banks and credit unions better access and underwrite those critical small business customers" said Raj Date, managing partner of Fenway Summer, the Washington, D.C.-based venture capital firm focused on early-stage fintech investing, "But what we are most excited about is supporting a founding team that is as ambitious, talented, and passionate as this one."

Parlay was selected to participate in The PenFed Foundation Veteran Entrepreneur Program Fall 2023 Cohort. The program exclusively supports veteran and military spouse entrepreneurs building highly scalable startup companies — ranging from the idea stage through to Series A and beyond.