About

LENDING STARTUP THAT PROVIDES BEST-IN-CLASS CREDIT PRODUCTS TO THE SMALL BUSINESS COMMUNITY.

Fundation is a credit solutions provider that works with a wide array of institutions to provide working capital and growth capital to small business owners. They take their time to understand what truly makes sense for their client's business, the financial goals, immediate and long-term capital needs of their clients.

Equipped with a best-in-class management team and multiple partnerships with banks and non-bank markets, they were on the lookout for a technology team that could help them build a custom application that could revolutionize the online lending space.

Challenge

Fundation wanted to build an application wherein the entire loan application process can happen online. They wanted their customers to fill in their information through web based forms, and get real-time, interactive feedback with minimal documentation requirements. In cases where the customers provided adequate information, they wanted the ability to instantly qualify them.

The comprehensive web-based application had to fully automate the lending process from start-to-finish and COLLECT ALL OF THE FOLLOWING INFORMATION:

Fundation - Challenges faced

Information Gathered

Fundation Challenges - Data collection - Social security number

Social Security Number

Fundation Challenges - Data collection - Employee ID number

Employer Identification Number

Fundation Challenges - Data collection - Annual revenue

Annual revenue

Fundation Challenges - Data collection - Purpose of loan

Purpose of loan

Fundation Challenges - Data collection - Area of business

Industry the business is in

Fundation Challenges - Data collection - Current business revenue

Current business revenue

Fundation Challenges - Data collection - Years in operation

Total years of operation

Solution

Our team built a best-in-class software solution wherein technology did all the hard work, and Fundation's clients didn't have to be burdened with submission of extensive paperwork and sensitive information.

The state-of-the-art application built by our team, while connecting to several third parties to gather credit and business performance information, encrypted all personally identifiable information thereby ensuring that the entire loan application process was highly secure.

THE SOFTWARE SOLUTION AUTOMATED THE ENTIRE LOAN APPLICATION PROCESS
Fundation - Connect to IRS to know about client's tax statement

Connect to IRS to obtain client's tax statements

Fundation - Third party ID verification system

Connect to third party identity verification systems to ensure the client's identity

Fundation - Connect to client's bank to obtain bank statement

Connect to client's online banking system to obtain bank statements

Fundation - Connect to credit scoring system to determine credit scores

Connect to external credit scoring systems to determine client's personal credit scores and business credit scores

Fundation - Connect to external payment gateway

Connect to payment gateway systems to process loan application fees, and more.

Fundation outcome - Automated the entire loan process

After collecting enough information from the user during the pre-qualification process, the application then determines if the user has met prerequisites to proceed further. If the applicant doesn’t qualify, it saves users from filling out additional information such as business ownership profile, purpose of loan, etc. making it easier, quicker and hassle-free for users.

The application was built using .Net technology due to the versatility of the technology stack, particularly for enterprise solutions. .Net was also selected as it provided seamless integration options with specific third parties that the client wanted to integrate the application with.

Results

The application designed and developed by Asahi Technologies is at the heart of Fundation's online lending business.

The application enabled the company to capture applicant information, improve the screening process, and most importantly, simplify the loan application and approval process.

Development timeline

6
Months

Size of loans processed by the application

Between $20,000 and $500,000

Overall satisfaction of customers using the application

4.9/5.0

Outcome

Fundation Outcome - Accelerated lending process

The solution streamlined and accelerated the lending process

Fundation Outcome - Through technology Fundation was able to compete directly with bank

Through technology, Fundation, a startup, could directly compete with banks

Fundation outcome - Elimination of tedious paperwork

The process eliminated cumbersome paperwork

Fundation outcome - No paperwork, accelerated lending process and ability to compete with bank

Do you require an innovative online solution to bring your business idea to life? Connect with our technology experts to discuss your unique software development needs, today.