LendingStandard closes $6.7M round with Flyover Capital among key longterm investors
June 6, 2023 | Startland News Staff
A Kansas City startup’s efforts to streamline the commercial real estate industry are not only reducing wasted time and frustration for lenders and borrowers, said Keith Molzer, it’s making good on investors’ expectations of the tech-driven Saas marketplace.
“LendingStandard has listened and responded to what the market needs,” said Molzer, founding managing partner at Flyover Capital and board chairman at LendingStandard. “As one of their earliest investors, we’ve seen them grow and are eager to watch their next steps.”
The startup on Tuesday announced a $6.7 million round of equity funding, led by Naples Technology Ventures (NTV) with participation from Kansas City-based Flyover Capital and existing investors.
Founded in Kansas City, Kansas in 2015, LendingStandard offers commercial real estate (CRE) lenders a single platform to manage the loan process across all their products. The company’s comprehensive commercial real estate finance platform increases efficiencies by up to 45 percent for clients working with some of the most complex loans.
Its platform is used by three of the top 10 U.S. lenders, and the company looks to rapidly expand its market share with this new round of capital, said Andy Kallenbach, CEO of LendingStandard.
“We’ve had amazing feedback from our prospects and clients over the last few years, and that input has driven us to reimagine how we can expand to serve the commercial real estate industry more robustly,” said Kallenbach. “This round of funding will help us push the platform — and our experienced enterprise team — forward faster.”
In recent years, LendingStandard has meticulously rebuilt its platform to support not just underwriting, but managing and optimizing the entire commercial real estate process from quote to close, according to Kallenbach. The company’s next-generation platform has also expanded to cover a larger spectrum of loan types, from Fannie Mae and Freddie Mac loans to balance sheet lending.
“At a tough time for the industry, commercial real estate lenders need to make the most of every single deal,” said Mike Abbaei, managing partner at NTV. “Our team is proud to support LendingStandard in simplifying and modernizing commercial real estate lending.”
As part of the funding deal, Frank Strauss, advisor at NTV, will join the LendingStandard board alongside Molzer.
Featured Business
2023 Startups to Watch
stats here
Related Posts on Startland News
Scavenger hunts and happy hours: 5 featured Techweek events
With Techweek Kansas City quickly approaching and expecting more attendees than ever, it’s time to start pulling out calendars to decide events to hit up. Startland picked a few events off the list that stand to wet the whistle of any techie or entrepreneur. The full schedule is here, which Techweek is expected to expand…
Silicon Valley vet Jason Anderson makes a game out of data collection
As a 4-year-old, Jason Anderson was captivated by the Atari classic Pong. He gawked at the game for hours after his dad brought one home in 1978. Four years later, he was so inspired by Pong that he decided to create his own game — a text adventure on the family’s Timex Sinclair 1000. Anderson…
Compute Midwest named top national tech conference
Consistently attracting futurists and tech leaders from around the U.S., Compute Midwest recently was named a national tech conference that shouldn’t be overlooked. Inc. Magazine included the annual, Kansas City-based conference on its “Top Tech Conferences You Can’t Miss This Fall” list, noting the event’s traditionally strong lineup of speakers. Presented by the Disruption institute,…
Dozens of skyrocketing KC firms break into the Inc. 5000
Kansas City held its own on Inc. Magazine’s annual ranking of the nation’s fastest-growing, private companies. The Wednesday unveiling of the Inc. 5000 featured 44 metro firms — including several area tech firms, like k12itc and Rhythm Engineering. K12itc, which in January made Startland’s 2016 top 10 startups to watch, delivers cloud-based IT services to…