Synply Inc., a cloud-based loan syndication platform incubated by Live Oak Bank, has announced the completion of a $4.8 million seed round.

The capital raise will help fuel the company’s next phase of product growth and development, company officials said in a news release on Monday. Wilmington-based Canapi Ventures and Live Oak Ventures, the investment arm of Live Oak Bancshares Inc., co-led the funding round.

According to a news release, capital commitments also came from Woodforest Financial Group, OFG Bancorp and TReK Capital Partners, along with several industry veterans who backed the platform as individual investors. 

Synply aims to offer users a “simplified, intuitive tool to centralize the entire process of syndicated lending and portfolio management,” according to the release. “By leveraging platform data, system integrations, and workflow tools, both buyers and sellers can benefit from improved transparency and access to real-time information.” 

Corbin Penland and Radek Filarski co-founded the platform. Penland, who serves as the company’s CEO, ran the loan syndications team at Live Oak Bank for six years before co-founding Synply. 

Filarski, the company’s chief technology officer, has more than 20 years of experience as a software engineer with expertise in building products for the financial markets. Most recently, he led a core conversion for Live Oak Bank.

“Putting the customer first is a major part of the Live Oak Bank ethos,” Penland stated in the release. “We didn’t have the tools to create the seamless process that we wanted, both for our borrowers and participants. We built Synply to bridge a critical gap in functionality required to enhance the experience of our banking partners and borrowers.” 

The platform will offer “end-to-end efficiency” that allows all banks participating in a loan to manage the entire syndication process in one platform, according to the release.

In its own release on Monday, Live Oak Bank highlighted its excitement about the new platform.

“Live Oak’s entrepreneurial environment is fertile ground for new and exciting companies like Synply to enter the fintech landscape,” Live Oak Bank Chief Strategy Officer Stephanie Mann, stated in the release. “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.”

Live Oak Bank has previously incubated several other companies, including nCino and Finxact.