An arm of Pittsburgh’s biggest bank has introduced an online loan resource and marketplace powered by a fintech startup with local investors.
PNC FIG Advisory announced the debut of PNC Asset Exchange, which will enable clients to more easily place and source loans in the secondary markets — and find new credit opportunities. It also offers customized advice from PNC FIG’s team of traders. It is powered by Community Capital Technology Inc.’s digital platform for optimizing the management of loan portfolios.
Community Capital is a 6-year-old New York-based digital loan trading exchange that joined Strip District-based fintech incubator SteelBridge Labs early in 2020. A year later, 412 Venture Fund also invested in the young company.
PNC FIG is part of PNC Capital Markets LLC, in turn an arm of PNC Financial Services Group Inc. (NYSE:PNC). FIG is short for Financial Institutions Group.
"The introduction of PNC Asset Exchange reflects our commitment to expanding our capital markets capabilities and investing in solutions our clients need to meet their evolving strategic needs," Charlotte McLaughlin, president and CEO of PNC Capital Markets, said in a prepared statement. “Leveraging Community Capital's online marketplace and PNC's trusted advisory services, we've coupled efficiency with expertise to bring a cutting-edge solution to the market."
PNC Asset Exchange provides member institutions the tools and information to quickly find and connect with nationwide proprietary deal flow and counterparties, as well as receive customized transaction level guidance to optimize results. It also includes the ability to create customized preferences that automatically identify and match members to relevant transactions.
"We are energized by the opportunity to work with the innovative team at PNC FIG Advisory in delivering a market-defining technology and service solution," Garrett Smith, CEO and founder of Community Capital, said in a prepared statement. "Our company's mission is to drive greater efficiency and liquidity across the loan markets and offer our existing network of banks, credit unions, asset managers and loan originators frontline access to an even larger ecosystem of sourcing and distribution partners."
Working with PNC is a milestone for Community Capital, according to Timothy Haluszczak, SteelBridge co-founder.
“This is a testament to the maturity of the market opportunity, their technology and business processes which enable them to succeed in partnering with a top 10 bank in the country,” Haluszczak said.
Community Capital does not have operations or employees in Pittsburgh, he said, adding that when Smith comes to town, he works from SteelBridge’s offices.
