The company originally launched in February 2014 as a service that paired SMBs looking for a loan with the lenders who could help them out. In the beginning, it was simply a matching service, but over the course of 2014 the company has transformed into an end-to-end product that handles every step of the process.
On average, it takes about 16 days for a company to get started on Fundera and secure funding. Fundera makes money by taking a 1.5% to 3% transaction fee for each loan that successfully goes through. That slice comes from the lending side entirely, making the product entirely free to use for SMBs.
In February 2015, Fundera received USD 3.4 million in funding from Khosla, First Round Capital, Lerer Ventures, SV Angel and various angel investors including Strauss Zelnick, Rob Wiesenthal, David Rosenblatt and David Tisch.
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