Fundera, an online marketplace for small business financing, has surpassed the $500 million mark in loans funded to over 8,500 small businesses on its platform. Fundera is an online platform that allows SMEs to apply to a curated network of 25-30 lenders in the industry with one common application.
Fundera is a digital replacement for small business loan brokers with a software platform that makes the process faster and easier to navigate. The average loan size on Fundera’s platform is about $60,000. Fundera says the most popular industries include ecommerce and retail – although no industry takes more than 10% of the loans. Since launching in 2014, Fundera has raised over $20 million in equity financing.
Jared Hecht, CEO and cofounder of Fundera, stated;
“It’s about more than just saving time and money for the small business owner. 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.”