“Pier Secures $2.4 Million to Unveil Revolutionary ‘Credit Stripe’ System”
“Pier is building ‘Stripe for credit,’ which is a way for companies to automate their own credit products.”Here’s how it works: Developers add Pier’s APIs with a few lines of codes, saving months of labor and millions of dollars, Zhang said.
Pier’s technology then manages the credit lifecycle from end-to-end, including origination, underwriting, compliance and servicing.
Other companies have also claimed to be “Stripe for credit,” for example, Setpoint, a startup that developed software for faster loan transactions.
Even Stripe itself created new credit products for businesses about six months ago.
Other solutions out there address specific components of the lifecycle, like underwriting or Know Your Customer, while Pier provides a more comprehensive offering.
