Jared Hecht sold his first company, GroupMe, 370 days after it launched for about $80 million. GroupMe, a group text-messaging app, was acquired by Skype in 2011.
After leaving Skype, Hecht launched a new venture in early 2014 — a startup called Fundera. Fundera helps other founders get their businesses off the ground by offering a credit marketplace for small businesses.
Fundera is a marketplace that helps small businesses get loans from non-bank lenders. Hecht first got the idea for Fundera when he watched a family member struggle to get a loan from a bank.
The function on the website is to provide the users all the help they need so they never have to leave the platform. For that purpose prospective loan recipients complete an upfront application, see their matches, select one or more of them, and then submit all of the exact information that the lender needs to make an offer directly through Fundera. Once Fundera has all of the proper documentation, it submits the application on the business owner's behalf.
Since its launch, Fundera has secured more than $60 million in credit for 1,200 small-business owners. The company expects to do $100 million in loan origination in 2015 alone.
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