On Friday, marketplace for small business loans, Fundera, released its two-year anniversary report. This document revealed the company’s growth to date.
Since launch, Fundera has facilitated approximately 2,200 loans totaling over $115 million in funding to small businesses. At this time last year, the website has helped 300 small businesses secure just over $12 million in financing. Now, after its second full year, Fundera has serviced seven times more small businesses, facilitating ten times more in funding.
Jared Hecht, CEO and co-founder of Fundera, stated:
“Our customers are the smartest, hardest-working people we know. It’s very satisfying to recognize we’re making running their businesses that much easier through our marketplace approach to financing. We’re proud of the growth, but there’s still a lot to be done in the transformation of the small business lending industry.”
In addition to record growth, 2015 was reportedly a landmark year for Fundera. The company created an industry-wide coalition to establish a Borrower’s Bill of Rights to protect consumers from predatory lenders and increase transparency in the lending industry.
The company stated it hopes to advance this pledge with the continued release of quarterly “State of Online Small Business Lending” reports, which aggregate internal loan data. Fundera will also continue to expand its product offering, as shown by the announcement of American Express Charge Cards and Credit Cards to the Fundera experience.
Fundera launched in 2014 with the intent to bring more transparency to the online lending industry. Its service enables small business owners to apply to online lending industry’s top small business lenders with one, simple application.