Pact Labs Raises $7 Million in Series A Funding
Pact Labs, a San Francisco-based company specializing in the origination, securitization, and servicing of low dollar balance loans, has announced the successful closure of its Series A funding round. The company secured $7 million in this round, which was led by Tether, with additional participation from Blockchange Ventures and Lasagna.
Company Overview
Founded by Zander Rafael, Pact Labs operates a platform designed to manage low dollar balance loans at scale. The company employs a permissioned protocol accessible via API and web, streamlining the loan lifecycle from origination to servicing.
Strategic Investors
The Series A round was spearheaded by Tether, a leader in the stablecoin sector, signaling confidence in Pact Labs' innovative approach to loan management. Other investors in the round include Blockchange Ventures and Lasagna, both known for their active investments in fintech and blockchain technologies.
Use of Funds
The $7 million raised will be directed towards enhancing Pact Labs' technological infrastructure, enabling the company to scale its operations and improve its platform capabilities. This investment will also support the company's efforts to expand its customer base and explore new market opportunities.
Comments from Leadership
Zander Rafael, Co-Founder of Pact Labs, expressed optimism about the funding, stating: "This investment will allow us to further develop our platform and reach more clients, driving efficiency in loan origination and servicing."
Looking Ahead
With the fresh capital injection, Pact Labs is well-positioned to advance its mission of transforming the loan servicing industry. The company aims to leverage its unique technology to offer scalable solutions for low dollar balance loans, thereby addressing a significant market need.
For more details, visit Pact Labs' website.