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

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.

issac

‘DevSquad takes the guesswork out of development. Their team is talented, trained, and ready to deliver exceptional results—which means your projects get moving quickly and you don’t waste time hiring new developers and hoping they’ll manage to deliver.”

-Isaac Freckleton, CEO of Fundwise Capital

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.

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.

“They helped us take our strategic algorithm and automate the process of reading and underwriting off of credit reports. They also helped us make a custom-made dashboard that we can use to report back to our affiliates in real-time with data on all of the leads that they send us.”
-Bobby James, CEO & Founder of EasyTracks

The Result

Underwriting efficiency increased by over 400%

With the help of the new automated underwriting tool, the approval process that used to take 15 minutes per file now takes only 15 seconds plus another minute or two for a manual review.

By Isaac’s estimation, the tool has saved his team hundreds of hours and increased approval efficiency by over 400%. The tool has also equipped Isaac with the proof he needs to show potential partners instantaneous underwriting results, thereby increasing buy-in and company growth.

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.

“They helped us take our strategic algorithm and automate the process of reading and underwriting off of credit reports. They also helped us make a custom-made dashboard that we can use to report back to our affiliates in real-time with data on all of the leads that they send us.”

You Bring the Idea, We Bring the Process & Expertise

>