Lakeside FundingA New Standard in MCA Operations: Automated, Accurate, Agile
How a Chicago-based MCA funder achieved 95% reduction in processing time and 350% productivity increase through Simplyfile's automated document intelligence platform.
Executive Summary
The Challenge
Lakeside Funding, a Chicago-based MCA funder, relied heavily on manual processes and Excel-based workflows. With a growing customer base, they faced challenges scaling efficiently while maintaining risk control and meeting customer expectations for rapid funding.
30-45 minutes manual processing per application
Error-prone Excel-based workflows
1-2 day average turnaround times
The Solution
Lakeside implemented Simplyfile's automated document processing and underwriting platform, leveraging AI-driven algorithms to extract critical data points from merchant bank statements and generate instant risk profiles.
95% reduction in processing time
350% productivity increase
200% increase in monthly funding capacity
About the Customer
Lakeside Funding
Lakeside Funding is a small-business Merchant Cash Advance (MCA) funder based in Chicago, specializing in providing fast, reliable funding solutions to merchants across the United States. Known for their customer-centric approach and rapid funding capabilities, they serve thousands of merchants annually with their innovative financing solutions.
From Challenge to Outcome
How Simplyfile helped transform manual chaos into automated excellence.
Challenge
Prior to adopting Simplyfile, Lakeside Funding's underwriting and decision-making relied on manual bank statement parsing and Excel spreadsheets. This process was labor-intensive, error-prone, and lacked scalability.
- Manual Processing: Underwriters spent 30-45 minutes manually reviewing and entering data for each application
- Limited Capacity: Manual workflow constraints significantly limited deal capacity and created risk exposure through human error
- Inconsistent Turnaround: Average 1-2 business days per approval, failing to meet customer expectations for rapid funding
- Scaling Challenges: Difficulty scaling due to manual workflow constraints with approximately 2,000 merchant applications annually
Lakeside needed a sophisticated solution to compete effectively while maintaining risk control and meeting growing customer demands for faster funding.
Why Simplyfile
Lakeside Funding deployed Simplyfile, leveraging its powerful document ingestion, automated bank statement parsing, and integrated underwriting analytics. Simplyfile automatically extracts critical data points, displays the data in a clear and concise manner, and pushes the results to their CRM.
Daily Balances: Automated extraction and analysis
NSF Occurrences: Instant detection and flagging
Cash Flow Volatility: Detailed risk assessment
MCA Stacking Indicators: Automated detection
Risk Profiles: Instant generation
CRM Integration: Automated data sync
The Solution
Simplyfile's comprehensive automation platform transformed every aspect of MCA operations
Solution Overview
Simplyfile's comprehensive automation platform transformed every aspect of Lakeside's MCA operations:
Automated Document Processing
AI-powered extraction and analysis of bank statements, financial documents, and merchant data.
Real-Time Underwriting Analytics
Instant generation of risk profiles, maximum eligible advance, and accurate factor rates.
Integrated Detection of Inconsistencies
Automated flagging of inconsitencies in bank statements and proactive risk flagging.
Automated Bank Statement Parsing
Automatically parse, validate, and process merchant bank statements within minutes, extracting daily balances, NSF occurrences, and cash flow patterns.
Real-Time Risk Analytics
Instantly generate risk profiles, maximum eligible advance amounts, and accurate factor rates based on comprehensive financial analysis.
Flagging Important Signals
Automatically detect over 200 red, amber and green flags in bank statements and merchant data that can help find the strength in an application or indicate potential risks, inconsistencies and fraud.
Automated Underwriting Workflow
Streamlined approval process with automated decision-making, reducing manual review time and improving consistency.
Detect Stacking
By analyzing transaction flows, Simplyfile detects undisclosed MCA loans and flags instances of loan stacking directly from the applicant’s bank statements
Portfolio Management Dashboard
Comprehensive monitoring and analytics for portfolio performance, risk management, and strategic decision-making.
The Results
The transition to Simplyfile yielded immediate and measurable improvements for Lakeside Funding
95%
Reduction in processing time
350%
Productivity increase
80%
Reduction in errors
Under 2 Hours
Approval time
Customer Testimonial
"Simplyfile was a complete game-changer. It replaced our slow and error-prone Excel-based workflow with fast, accurate, and scalable automation. Our underwriting team can now focus on growth and risk management rather than manual data entry. It has directly improved our bottom line and customer experience."
John Russo
COO, Lakeside Funding
Conclusion
With Simplyfile fully integrated into their workflow, Lakeside Funding plans to leverage additional capabilities, including advanced predictive risk analytics and portfolio management dashboards, further cementing their position as a technology-forward leader in the MCA industry. The shift to automated workflows has streamlined operations, reduced risk of error, and positioned Lakeside Funding for scalable growth and sustained competitive advantage.
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