LoanStar Technologies, founded in 2016, has been growing 100 percent year-over-year, and now it plans to accelerate sales with a hiring program.

The Swarthmore fintech has raised nearly $28 million to expand its headcount, writes Ryan Mulligan for the Philadelphia Business Journal.

LoanStar Technologies is a financial software company that has created 250 different financing products for credit unions and community-based financial institutions who then can offer the products to customers.

The products give more people access to traditional banking offerings and lending plans, especially in “underbanked” and underrepresented areas, said CEO AndyTurner.

The LoanStar Technologies team posted nearly $10 million in revenue in 2023 and is already expecting to more than double that in 2024, Turner said.

Turner said he wants to scale sales operations, increase the company’s technology footprint, and keep improving customer relationships.

That will require more manpower. LoanStar Technologies doubled its headcount in the past year to 50. Turner hopes to add 23 new hires over the next year, most of them local.

“We see an opportunity to be tip of the spear on truly embedded finance in a white label capacity,” Turner said about long-term goals for the company.

Find out more about LoanStar’s success in the Philadelphia Business Journal.