Small business advisor and online marketplace Fundera has surpassed the $500 million mark in loans provided to more than 8,500 small businesses.
Fundera’s platform allows small business owners to apply to a curated network of 25-30 lenders in the industry with one application. Small business owners come to Fundera for credit cards to SBA loans.
“It’s about more than just saving time and money for the small business owner,” co-founder and CEO Jared Hecht said.
“At Fundera we’re truly able to become a partner in these businesses’ financial decisions. Our goal is to use our resources and technology to educate small business owners on their credit eligibility, improve their creditworthiness over time, and help them graduate into better and better financing products.”
Fundera replaces small business loan brokers with software and algorithms, making the process faster and easier to navigate. The average loan size on Fundera’s platform is about $60,000, and no single industry accounts for more than 10 per cent of Fundera’s customer base. The most popular industries are e-commerce and retail.
Since launching in 2014, Fundera has raised more than $20 million in equity financing.