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
Fintech revolution follows historical abuse of Black wealth: ‘We’re already late, but we’ve got to do something’
Editor’s note: Startland News is a media sponsor for the C3KC session “Fintech is Revolutionizing Banking.” With nearly 30 percent of Americans reported as under-banked or unbanked, leaders in the financial space need to ask themselves what steps must be taken to create a more inclusive system, said Cordell Carter II. “We often ask leaders the…
Small Business Superstars in photos: When people belong, ‘the possibilities are endless’
Editor’s note: The Greater Kansas City Chamber of Commerce is a non-financial partner of Startland News, which serves as the media partner for the Small Business Superstars program. A celebration Wednesday for the Chamber’s new class of Small Business Superstars came with a message for entrepreneurs of all kinds, said Vicky Kulikov. You belong. “That…
Pipeline, NXTUS drive exposure for entrepreneur’s on-demand fuel delivery startup
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. This series is possible thanks to the Ewing Marion Kauffman Foundation, which leads a collaborative, nationwide effort to identify and remove large and small barriers to new business creation. WICHITA…
Tesseract taps into KC’s sticky innovation culture with homegrown partnership to build IoT tools
A new partnership between a leading robotics creator and one of its fellow Kansas City tech innovators showcases the founder’s longstanding commitment to harnessing the region’s potential as a collaboration powerhouse. “When I moved back to Kansas City to start Tesseract, I made up my mind to lead by example and attempt to build close…