Fundera is a company that was co-founded by Jared Hecht. Hecht is known for founding GroupMe, which was acquired by Skype for $85 million in 2011.
The goal of Fundera is to connect small business owners that need loans with non-bank lenders. Fundera has raised $3.4 million from Khosla Ventures, Lerer Ventures, First Round Capital, SV Angel, and several angel investors.
Fundera selects the lenders and eliminates the ones that believes will not match well with the small businesses. Fundera considers the length of time in business, annual revenues, credit scores, and other data points.
Fundera receives 1-3% fees from lenders. The company has helped execute 9 loans and matched over 200 small business owners with lenders during a beta testing period.