Live Oak Bancshares of Wilmington has spun out another company: Cloud-based loan syndications platform Synply completed a $4.8 million seed financing round, the company said.
The capital raise was led by Canapi Ventures and Live Oak Ventures, with capital commitments from Woodforest Financial Group, OFG Bancorp, TReK Capital Partners, and several industry veterans as individual investors. Canapi was also co-founded by the Wilmington-based financial services business led by veteran industry executive Chip Mahan.
Live Oak’s most prominent spinoff is nCino, a Wilmington-based financial technology company with a market value of $4.3 billion. Mahan started digital bank Live Oak in 2008, and it now has a national lending platform and a stock market value of $2.1 billion. The business specializes in U.S. Small Business Administration-backed loans.
Loan syndication refers to how banks and other financial institutions partner in issuing debt to corporate borrowers.
“Putting the customer first is a major part of the Live Oak Bank ethos,” Synply CEO Corbin Penand said in a release. He had led the loan syndication team at Live Oak Bank for six years. “We built Synply to bridge a critical gap in functionality required to enhance the experience of our banking partners and borrowers.”
Radek Filarski is a co-founder and chief technology officer. He recently led a core conversion for Live Oak Bank and had worked on projects for Morgan Stanley’s proprietary trading desk.
The Synply platform offers an intuitive tool to centralize the process of syndicated lending and portfolio management.
“Live Oak Bank has an outstanding track record of incubating successful companies like nCino and Finxact, and we see the same potential in Synply,” says Walker Forehand, president of Canapi Ventures.
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.