“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?”
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.
Mulligan Funding discloses FinWise Bank as its sponsor bank, according to the Embedded Finance Index 2026.
Mulligan Funding does not disclose a bank charter of its own; its banking services are provided through FinWise Bank.
The Embedded Finance Index 2026 maps 2 layers in Mulligan Funding's stack: Lending (Working Capital Loans and Business Term Loans); Sponsor bank (FinWise Bank).
Mulligan Funding is founded in 2008 and headquartered in San Diego, CA.
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