Portland lending firm secures $7.2 million, aims to expand development team.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Portland lending firm Mirador Financial secured a $7.2 million funding round and is now aiming to expand its development team.
The company is based in downtown Portland, where it will hire 10 more employees in 2016.
Founded in 2014, Mirador offers technology to banks and other financial institutions evaluate small-business loans. Its software examines credit reports, tax filings, bank accounts and other financial records to see if they meet lending standards. The company says its software accelerates decisions on loans and reduces costs.
Fifteen financial institutions currently use Mirador's software, according to the company, including Eugene-based Pacific Continental Bank.
Mirador co-founders Trevor Dryer and William Beaver previously worked at Intuit and Datek. Other Mirador employees come from Mozilla, Jive Software and Perka.
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Mirador has indicated it would like to bolster the number of banks that uses its service.
Mirador describes its service as "a cloud-based borrower application that does not require integration with a lender's legacy systems." It helps streamline ways borrowers can get start and, according to Mirador, "can deliver instant preapprovals to those that meet an institution’s specific lending qualifications."
The systems also collect credit reports, tax transcripts, account statements and financial records needed during the process.
(READ MORE: Portland Business Journal)
“Our investor group genuinely understands what is required to bring innovation to the financial markets,” Mirador CEO Trevor Dryer said in a news release. “They know how to build a successful fintech business and have immense experience navigating the complexities of this industry.”