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
Collaboration in the air: Cough detection sensors combine Sickweather, Mycroft tech
You can’t manage what you can’t measure, said Sickweather CEO Graham Dodge, describing the need for cough detection sensors that are slated to be rolled out in public places across Kansas City in 2019. Illness forecaster Sickweather is teaming up with fellow Kansas City startup Mycroft, a leader in artificial intelligence-infused tech, to develop the…
Pet innovators unleash market built on experiences, evolving relationships with dogs (Photos)
Meaningful relationships are no longer only between people, said Davide Rossi, discussing the rise of pet innovators and an emerging market built on experiences with four-legged family members. “They key thing is to recognize that the relationship between us and our pets has been changing,” said Rossi, co-founder of FitBark, a Kansas City-based pet tech…
Human capital: KC Mythbusters challenges Kansas City to rethink how it supports startups
A thriving startup ecosystem requires more stakeholders with skin in the game, said Eric Jorgenson. That means increasing direct participation — those actively and directly building or investing in startups that can potentially exit and see a talent and capital explosion that results in even newer startups — and de-emphasizing the need for and dependence…
Tech hub arriving: Back2KC effort drives praise from former Kansas Citian now at Uber
Kansas City expatriate Jack Spangler was pleasantly surprised by his hometown’s increased level of innovation, investment and momentum, the Uber thought leader said, reflecting on a recent return trip with the inaugural Back2KC class. “That type of activity definitely wasn’t going on when I was in Kansas and right out of school,” said Spangler, now…