Type Private Headquarters New York, New York Founded 2014 | Industry Financial Technology Website fundera.com | |
Key people Jared Hecht, Founder and CEO Products Business Loans, Credit Cards | ||
Fundera is a small business lending marketplace that enables small businesses to apply to multiple online lenders with one application. Lenders on the Fundera network include OnDeck, Lending Club, Funding Circle, and more.
Contents
Fundera is based out of New York City. As of September 2015, Fundera has helped over 1,200 small businesses secure over $60 million in credit.
Launch
Fundera launched in February 2014. The company's founders include Rohan Deshpande and Jared Hecht, GroupMe founder.
Finances
Fundera launched with a $3.4 million raise from investors Khosla Ventures, First Round Capital, Lerer Ventures, SV Angel, and various angel investors, including Strauss Zelnick, Rob Wiesenthal, David Rosenblatt, and David Tisch. In September 2015, the company announced they had raised an $11.5 million Series B from Susquehanna Growth Equity, QED Investors, Khosla Ventures, and First Round Capital.
Product
Fundera's original approach involved business owners completing one application, seeing which lenders they qualified for, and waiting to hear from them. Fundera replaced this approach in May 2014. Business owners now complete an application, see which lenders they are qualified for, select the ones they'd like to apply to, and submit the information these lenders need directly through Fundera. Fundera then submits the application to the lenders. According to Business Insider, "Users never have to leave the platform, and will get tons of help from Fundera's team along the way, if they need it."
Fundera has since expanded their services to include a broader range of business loan products, including applying for Small Business Administration loans, business credit cards, or a Merchant cash advance.
Reception
Fundera has been named to Business Insider's "25 Hot NYC Startups You Need to Watch" and "31 Hot New York Startups to Watch." Entrepreneur includes Fundera in its list of 7 startups that "Exemplify NYC's Buzzing Startup Scene." Founder Jared Hecht was also named to Forbes' "30 under 30."