How DevSquad Helped a Leader in Small Business Loan Procurement Increase Approval Efficiency by Over 400%

Fundwise

Case Study

Industry:
Finance
Location:
United States
target

Goal

Fundwise needed to overhaul and automate their process for underwriting and approving small business loans. Previous attempts to outsource to other development firms always left the leadership team disappointed.

Overview

The need for speed

Fundwise Capital helps small businesses, start-ups, and entrepreneurs secure the best business loans, project funding, and financing education options. Since 2013, Fundwise Capital has helped its clients secure over $150 million in funding.

Challenge

Creating underwriting software to automate approval

As the COO for a company dedicated to helping small businesses grow and secure low-risk capital, Isaac knew that increasing efficiency was vital for the success of Fundwise Capital. Specifically, he needed a way to automate the process of underwriting and approving new loans. The process of pulling data out of consumer credit reports and reviewing that data was a slow process took—often taking his team 15 minutes per file—and the lack of instantaneous results scared away some potential partners.

But Isaac had tried hiring in-house software developers on multiple occasions. He had even tried outsourcing development to teams in India and South America. He was always disappointed.

DevSquad is like no other team I’ve worked with. They manage every part of the development process, and their speed reflects their experience.
Isaac Freckleton
COO of Fundwise
double quotes
isaac-freckleton

Solution

Development partner that feels like part of your team

DevSquad quickly proved to be a development team cut from a different cloth. Before they launched into any development, they established a solid framework by reviewing Fundwise Capital’s goals, the challenges they needed to solve, and the solutions that would deliver the best results.

Upon kicking off development, one of the first things DevSquad created was an automated underwriter that intelligently scrubbed consumer credit reports to pull out the data Isaac and his team needed and eliminate unnecessary information via strategic rules and algorithms.

DevSquad also created a custom-made dashboard for Isaac and his team. This dashboard allowed them to report back to their affiliates in real time with all the data they had on the leads their affiliates had sent them.

They’ve also begun to build out a consumer credit report monitoring service which integrates many specific data points that Isaac and his team have provided to DevSquad. These credit reports have made it easy for Isaac’s customers to view the progress of loans and monitor their credit.

Best of all, DevSquad worked fast; they had new deliverables and updates to show Isaac every two weeks. In fact, lust two weeks after kicking off their partnership, they had already sent Isaac the fast version of his auto-underwriting tool.

fundwise dash

Result

Underwriting efficiency increased by over 400%

Now, Isaac’s busy running his new dashboards through the beta testing phase. Even though they haven’t been pushed live yet, his users have already demonstrated a lot of anticipation towards their launch. Isaac has worked with DevSquad for almost a year now, and he’s looking forward to seeing what else they can build together in the future.

fundwise credit monitoring

Now, Isaac’s busy running his new dashboards through the beta testing phase. Even though they haven’t been pushed live yet, his users have already demonstrated a lot of anticipation towards their launch.

Isaac has worked with DevSquad for almost a year now, and he’s looking forward to seeing what else they can build together in the future.

Key skills DevSquad offered

Ball Circles
Product Strategy
Product Revitalization
Product Management
UX Design
Product Management
DevOps
Quality Assurance