Fundera is a small business lending marketplace that enables small businesses to apply to multiple online lenders with one application. The marketplace offers products that include Small Business Administration loans, business credit cards, lines of credit, and equipment loans. Lenders in the Fundera network include PayPal, OnDeck, Lending Club, Fundation.
Fundera is based out of New York City.
Video Fundera
History
Launch
Jared Hecht, founder of GroupMe, came up with the idea for Fundera when his cousin was unable to acquire funding for his successful sushi chain restaurant while internet ventures were funded with only a business plan. The company's founders include Rohan Deshpande and Hecht.
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.
Fundera has since expanded their services to include a broader range of business loan products and resources. In addition to term loans, Fundera offers Small Business Administration loans, merchant cash advances, invoice financing, equipment financing, credit cards, business checking and saving accounts.
Social responsibility
In 2015, Fundera was a founding member of the Responsible Business Lending Coalition, a group of firms and small-business experts, which published the Small Business Borrowers' Bill of Rights. This document "calls for clear disclosures, no hidden penalty fees and high confidence that a borrower will be able to repay the loan, among other provisions." Fundera has also released a disclosure statement which explains to potential borrowers Fundera's terms of service, the cost of paying back a loan each day, annual percentage rate (APR), and the total cost of a loan.
Maps Fundera
Reception
In 2014, Fundera was named to Business Insider's "25 Hot NYC Startups You Need to Watch" and "31 Hot New York Startups to Watch." In 2015, Entrepreneur included Fundera in its list of 7 startups that "Exemplify NYC's Buzzing Startup Scene." That same year, co-founder Jared Hecht was named to Forbes' "30 under 30."
In 2016, Business Insider named Fundera one of the "100 most exciting startups in New York City" and Forbes listed Fundera among the "Fintech 50." In 2017, Crain's listed Fundera among the top "100 Best Places to Work in New York City."
References
External links
- Official website
Source of the article : Wikipedia
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