LoanStar, a Swarthmore-based fintech company, has managed to raise $1.5 million in a seed round as it attempts to make its lending platform available to more community banks and credit unions, writes Michelle Caffrey for the Philadelphia Business Journal.

Founded three years ago by CEO Andrew Turner and President Craig Haynes, LoanStar builds white-label technology that helps consumers make purchasing decisions.

For example, a community bank puts its name on LoanStar’s tech and makes it available to local HVAC technicians. They are then able to offer low-interest, short-term loans using LoanStar’s platform.

Currently, the eight-person company is partnering with six lenders, including Pennsylvania’s National Energy Improvement Fund. The for-profit, public-benefit company helps consumers and businesses afford home and office improvements that help save energy.

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Peter Krajsa, the co-chair and founder of NEIF, said he’s excited about implementing LoanStar’s technology.

“We’re extremely optimistic,” he said. “It’s a fascinating technology and a really interesting business model.”

According to Turner, this latest funding round will go toward further building out the company’s platform and pursuing even more partnerships with lenders.

Read more about LoanStar’s financing round in the Philadelphia Business Journal by clicking here.

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