Live Oak Ventures Participates in Financing of Synply, Inc.
Rhea-AI Summary
Live Oak Ventures, the investment arm of Live Oak Bancshares, has announced an investment in Synply Inc., a cloud-based technology company focused on transforming loan syndication for banks. Synply offers a simplified tool to centralize the entire process of syndicated lending and portfolio management.
Stephanie Mann, Live Oak Bank Chief Strategy Officer, highlighted the company's role in fostering innovative fintech solutions. Corbin Penland, CEO of Synply and former managing director of loan syndications at Live Oak Bank, emphasized the platform's ability to address critical needs in the loan syndication process.
The Synply platform aims to provide end-to-end efficiency by allowing participating banks to manage the entire loan syndication process, from origination to servicing, within a single platform.
Positive
- Investment in Synply Inc. expands Live Oak Ventures' fintech portfolio
- Synply platform offers potential for improved efficiency in loan syndication processes
- Synply's end-to-end solution may attract more banks to use the platform
Negative
- None.
News Market Reaction
On the day this news was published, LOB declined 3.81%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
WILMINGTON, N.C., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., has announced an investment in Synply Inc., a cloud-based technology company dedicated to transforming the loan syndication process for banks.
“Live Oak’s entrepreneurial environment is fertile ground for new and exciting companies like Synply to enter the fintech landscape,” said Stephanie Mann, Live Oak Bank Chief Strategy Officer. “After incubating the Synply platform at Live Oak, we are excited to see the company level the playing field for all banks to compete in the syndicated loan space.”
Synply offers banks a simplified tool to centralize the entire process of syndicated lending and portfolio management.
“We built Synply because we saw a critical need for a modern and intuitive platform specifically designed for the loan syndication process,” said Corbin Penland, CEO of Synply and former managing director of loan syndications at Live Oak Bank. “Our team of experienced bankers understands the pain points associated with current tools and workflows. Synply empowers banks to focus on building relationships and growing their business, not managing cumbersome processes.”
The Synply platform offers end-to-end efficiency by allowing all banks participating in a loan to manage the entire loan syndication process, from origination to servicing, all within one platform.
About Live Oak Ventures
Live Oak Ventures, a wholly owned subsidiary of Live Oak Bancshares (NYSE: LOB), is a fintech-focused investor that aims to bring innovation and performance excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital solutions to the market, Live Oak Ventures intends to change the landscape of financial services and small business banking.
About Synply
Synply is a cloud-based technology company dedicated to transforming the loan syndication process for banks. Developed by experienced bankers and incubated within Live Oak Bank, a leading industry player, Synply offers a comprehensive and user-friendly platform that empowers banks to easily navigate the complexities of loan syndication.
Contact:
Claire Parker
Live Oak Bank, SVP Corporate Communications
910.597.1592
claire.parker@liveoak.bank
FAQ
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