Fintech expands customer relationships and expands technology offerings
SPRINGDALE, Ark.–(BUSINESS WIRE)–Teslar Software, provider of portfolio management tools which consolidate and automate lending and deposit operations for community financial institutions, concluded a strong year filled with significant growth, numerous company milestones, industry recognition and continued support for small businesses and to communities across the country.
In 2021, Teslar Software significantly increased its customer base, total number of active core system integrations, and staff in a year where it focused heavily on innovation and adapting to the needs of community bankers. during the Paycheck Protection Program (PPP). Teslar Software built and launched its first PPP technology just days after announcing the program in early 2020. The company again pivoted its business strategy and goals in 2021 to help bankers and small businesses through the cycle. additional funding, and ultimately propelled over 20% of all PPP loans issued in 2021, over 1.3 million loans in total.
The company accomplished this while completing its first SSAE SOC 2 audit of its development and internal process, proving its commitment to maintaining the highest industry standards. The company’s successful year also generated a strong return on investment for investors, with early investors earning 10 times their initial investment.
The company’s experience with PPPs has also led to the creation of a new product, Teslar Unite, to help financial institutions digitize all aspects of the commercial and SBA lending process. With Teslar Unite, bankers can strengthen and grow their business relationships with maximum visibility and speed through tools that allow them to seamlessly underwrite loans, create credit scores, fund loans and provide customers a portal to view their loan status. To support these new initiatives, the fast-growing fintech has made several new strategic hires and internal promotions, growing its talented team by 56%. The team is expected to more than double this year.
Teslar Software was honored to be recognized for this substantial growth and development by industry groups. They were chosen as the best lending solution in the 2021 Best of FinXTech Bank Manager Awards and ranked among the 2021 Best Workplaces in FinTech by Arizent and Best Companies Group.
“It’s been a monumental year for our company as we’ve grown our customer base and team, developed innovative new solutions, and played an important role in PPP,” said Joe Ehrhardt, CEO and Founder of Teslar Software. “This year, we plan to take our technology to the next level, expanding our offerings to make life easier for lenders and their borrowers. We look forward to helping more banks across the country improve their technology strategy so they can better serve their communities in 2022 and beyond.
About Teslar Software
Teslar Software provides portfolio management tools for community financial institutions that consolidate and automate loan and deposit operations processes into a single system, enabling institutions to scale and improve all aspects of banking. This SaaS solution with more than 20 modules increases efficiency by providing easy access to centralized and relevant information to balance portfolios, optimize profits and help community bankers to serve their customers more effectively and better understand their needs. Please visit www.teslarsoftware.com to learn more.