SparkLabKC Success Story: LendingStandard

LendingStandard (formerly known as FormZapper), a member of SparkLabKC’s Class of 2013, is solving a significant paperwork problem that plagues the commercial lending space. Andy Kallenbach, CEO/CTO, Jan Valencia, VP of Business Development, and the LendingStandard team are changing the way commercial loan applications are processed.

The Problem

Commercial loan applications require huge amounts of time and paperwork, much of it redundant.

The Solution

LendingStandard makes this complicated process simple, efficient, and accurate by providing the first online origination and underwriting system for commercial financing.

The SparkLabKC Advantage

During SparkLabKC’s accelerator program, LendingStandard was given the tools to dig deeper into their initial idea and to see all of the possibilities available to them. Their focus on lenders grew out of their time in the accelerator.

In  2013, LendingStandard entered the SparkLabKC program not knowing what to expect from the first session of a brand new startup accelerator. Out of the program came both experience and connections.

SparkLabKC was able to connect them with people in their field who provided valuable perspective and support to the company during its early development and beyond. In fact, LendingStandard was introduced to their first investor on Demo Day.

“At that point in time, we really needed a three month span of time to get focused on what the problem and what customers would buy. We discovered what connections we needed to enter that market for customers and capital.” — Andy Kallenbach

Growth Pattern

LendingStandard’s customer growth began with an initial pilot group developed during the SparkLabKC program, and their connection with investors gave them a strong start. They have raised nearly $500k from investors, enabling them to significantly grow their team and further develop their software.

LendingStandard now works specifically with commercial lenders representing the largest companies in the industry. Their partnerships include Experian, Salesforce, Equifax, MicroBilt, and Harland Financial Solutions.

“We learned to focus on our niche. We threw a lot of things at the wall just seeing what would stick and we chased a lot of different things inside the commercial lending landscape. The lesson that we learned was to really find the one best thing that you’re good at and ignore everything else and nail the thing right in front of you.” – Andy Kallenbach

What’s Next?

Looking to the future, LendingStandard will continue to focus on the apartment lending market and to provide them with software solutions to improve their business. In addition to providing a solution for their underwriting and paperwork processing issues, the LendingStandard team is focusing on what their customers need and what helps them build their business.

Advice for Future SparkLabKCers

“It’s a roller coaster ride… and you should hang on.” - Andy Kallenbach

Want to learn more about this company? Contact them on their website