Mulligan Funding
“Can Mulligan Funding become the go-to embedded working capital loan originator for SMBs by pairing its underwriting expertise with bank-sponsored infrastructure and an ISO API distribution layer?”
Founded2008
HQSan Diego, CA
IndustryFintech / Lending
The story
Founded in 2008 as a direct lender to SMBs underserved by traditional banks, Mulligan Funding evolved from an independent lender into a bank-sponsored loan originator, with FinWise Bank now issuing the majority of its loans. This shift allows Mulligan to scale origination under a regulated bank charter while retaining its role as the customer-facing underwriting and servicing layer. The company has also built an ISO API platform, enabling third-party partners to embed Mulligan's loan products into their own workflows.
Last 12 months
—
Product timeline
2008
Mulligan Funding founded to provide working capital loans to small and medium-sized businesses after traditional banks pulled back from SMB lending.· lending
2024
Majority of business loans issued in partnership with FinWise Bank, a Utah state-chartered bank, under a bank-sponsored lending model.· banking
The stack
2 layers disclosed in Mulligan Funding’s embedded-finance stack
Lending
Working Capital LoansBusiness Term Loans
Sponsor bank
in the full report
Accounting gap: significant
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.