CapStack Technologies

CapStack Technologies

CapStack Technologies launched in 2022 after founders Michał Cieplinski and Tzvika Perelmuter sold their previous company, Lendai, which automated cross-border real-estate lending for foreign borrowers. Cieplinski, a trained lawyer and former Goldman Sachs structured-finance banker, runs the firm from Miami — selected deliberately for its growing density of fintech talent and Latin American banking ties. The company's founding thesis addresses a structural gap: US regional and community banks collectively hold billions in loans but lack efficient infrastructure to trade or syndicate them with each other. The platform operates as a two-sided marketplace and data-integration layer. On one side, banks upload loan portfolios — commercial real estate, equipment finance, small-business loans — and define the exposure they want to shed. On the other, institutions search for assets that match their geographic or sector mandates. The system normalizes loan tapes, applies proprietary analytics to flag credit-quality signals, and generates a structured deal room. CapStack does not hold loans on its balance sheet nor advise on pricing; it takes a software licensing fee or transaction-based revenue. Confirmed early design partners include regional lenders in the Southeast and Midwest, though the firm has not named specific institutions publicly. The current go-to-market spans asset classes in CRE, C&I, and consumer lending across US domestic markets, with a future roadmap pointing toward cross-border bank-to-bank trades. CapStack raised a $6 million seed round in early 2023 led by Fin Capital, with participation from Alloy Labs, a consortium of over 50 US community and mid-size banks (per Axios, February 2023). Cieplinski stated at the time that the company had integrated with several unnamed bank partners representing combined balance sheets above $25 billion. The firm operates as a Delaware C-corp with its core engineering likely distributed, common for early-stage fintechs built after 2020. No philanthropic vehicles or adjacent operating companies are known. In early 2023 the firm publicly exited stealth mode and disclosed its seed raise alongside its first bank-integration milestones. The structural differentiator is supply-side alignment. Unlike loan-marketplaces aimed at hedge funds and private credit firms, CapStack deliberately serves only regulated deposit-taking institutions. This bank-to-bank architecture means sellers never dilute their primary customer relationships — a borrower stays with the originator — while buyers gain origination-quality underwriting data rather than scrubbed broker tapes. The model extracts CapStack from credit risk and advisory conflicts, framing it as pure infrastructure analogous to how Bloomberg terminals enabled bond traders without Bloomberg ever positioning bonds.