By At fintech lending platform Stilt, Jessica Zhang and Alex Hegevall Clarke experienced firsthand the challenges faced by the credit industry in complying with regulatory requirements while launching new products. Recognizing the need for a more streamlined solution, they set out to create Pier, often dubbed as the “Stripe for credit,” to simplify and automate the credit product launch process for businesses.
Simplifying Credit Product Launches
Pier’s innovative approach involves integrating its APIs into developers’ tech stacks, enabling businesses to swiftly launch credit products while ensuring compliance with federal and state regulations. By automating key processes such as origination, underwriting, compliance, and servicing, Pier significantly reduces the time and resources required for product deployment, saving companies both time and money.
Comprehensive Credit Lifecycle Management
Unlike existing solutions that focus on specific components of the credit lifecycle, Pier offers a comprehensive end-to-end solution. From loan origination to servicing, Pier’s technology provides a dynamic and evolving framework that adapts to each loan’s lifecycle, offering unparalleled flexibility and efficiency for businesses in the credit industry.
Flexible Pricing Model
Pier operates on a Software-as-a-Service (SaaS) model, charging a monthly fee that includes a minimum base fee along with usage fees based on factors such as loan volume, use case, and the number of inquiries. This flexible pricing structure caters to various credit product offerings, including credit builders, buy now pay later services, salary advance loans, and merchant advances, among others.
Seed Funding and Future Plans
Recently, Pier secured $2.4 million in seed funding from prominent investors, including Y Combinator, Liquid 2 Ventures, ACME, Horizon Ventures, and a group of angel investors. With this capital infusion, Pier plans to accelerate product development efforts and expand its team, further solidifying its position as a leader in revolutionizing credit management solutions.
In summary, Pier’s innovative platform offers a transformative solution for businesses seeking to streamline credit product launches while ensuring compliance and efficiency. With strong investor backing and a clear roadmap for growth, Pier is poised to reshape the landscape of the credit industry, empowering businesses to navigate regulatory complexities with ease.
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