LendingStandard plans innovation upgrade with $2.5M investment from Flyover Capital
November 5, 2018 | Austin Barnes
An investment in innovation has landed Kansas City-based LendingStandard $2.5 million in investment funds following the close of a Series A funding round led by Flyover Capital, CEO Andy Kallenbach said.
“These are folks that are well-known in Kansas City and have had software businesses in the past, and that’s a really rare combination,” Kallenbach said of Flyover Capital.
LendingStandard — a series of software based products and services, developed to create efficiency in the multi-family lending business — is the fund’s 16th, early-stage investment since it was launched in 2015. Flyover’s portfolio also includes Zoloz, Risk Genius and Site 1001.
“The other piece [to working with Flyover Capital] is this is a local capital source that has a decent number of partners, that all have software and technology expertise,” Kallenbach added.
The lead investor was impressed by the founder and his team’s tenacity, said Keith Molzer, managing partner of Flyover Capital.
“They are addressing a big pain point within the HUD space and are on track to be a major player supporting the large and ever-growing multi-family lending space,” Molzer said.
An unspecified number of undisclosed, secondary investors also took part in the round, a LendingStandard release explained.
Following the close of the funding round, the cash infusion provided by the investment will enable LendingStandard to look toward scaling, Kallenbach said.
“This product that we’ve built, we’re looking to continue that innovation — to help more multi-family properties get better financing,” he said. “There’s 2.5 million properties across the United States, many of which do not get good financing terms and I think that there’s a lot that we can do to change the way the market operates and get those properties appropriate financing and really kind of help meet housing needs across the U.S.”
Additionally, funds will allow LendingStandard to continue modernizing the multi-family lending space, improve the company’s LOS platform, and expanding its executive team. The company recently welcomed Chris Weber, chief technology officer, and Craig Hughey, vice president of product, Kallenbach added.
Featured Business
2018 Startups to Watch
stats here
Related Posts on Startland News
Target Hill Capital defusing risk on startups between friends and family, seed funding stages
An opportunity to deliver exponential impact in a community committed to entrepreneurship has resulted in the launch of Target Hill Capital –– an outside-the-box venture capital fund, Marshall Dougherty said. “When we were involved [with previous startups], we compared notes and surveyed the startup ecosystem in Kansas City,” Dougherty said of the events that led…
Lenexa-based Aloe soothes health insurance enrollment pains with human touch
A patient’s “wow” moment shouldn’t be when he or she opens a medical bill and discovers procedures that unexpectedly aren’t covered by insurance, said Andrew Belt, co-founder of Aloe. “People are frustrated — frustrated because they don’t understand how their coverage works or what’s included, and it doesn’t seem like anyone they talk to understands,”…
Don’t just play the game: MECA Challenge urges students to innovate ‘school of the future’
Challenging Kansas City students to envision “the school of the future” will usher in a paradigm shift wherein teens can see themselves as customers of school, said Katie Kimbrell optimistically. “[Students] don’t even think, ‘Oh, I could rethink this whole thing that I’m experiencing,’ and choose — or even demand — something different,” said Kimbrell,…
KCultivator Q&A: Kyle J Smith talks serious work, socks with sandals, pickled pig brains
Editor’s note: KCultivators is a lighthearted profile series to highlight people who are meaningfully enriching Kansas City’s entrepreneurial ecosystem. The KCultivator Series is sponsored by WeWork Corrigan Station, a modern twist on Kansas City office space. A place to live, work, and play — three ingredients for a new life, said Kyle J. Smith, founder…