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In a rapidly growing market outside the purview of the Truth in Lending Act or state usury caps, online lenders' rates and fees can be next to impossible to compare.
August 26 -
Lending Club and Funding Circle are among the firms pledging to adhere to a range of self-imposed standards in small-business lending.
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Many online small-business lenders worry that future regulations could stymie innovation in this fast-growing industry. But well-designed requirements would simply ensure that online lenders can offer adequate borrower protections without giving up market share.
August 4
Fundera, which runs a website where small-business owners can shop for loans, has raised $11.5 million in new equity funding.
The New York company said in a press release Thursday that it plans to use the money to expand its team of engineers and loan specialists, to develop and refine the borrower experience and to build new products.
Small-business owners who use Fundera’s site complete a single loan application to apply to multiple lenders. The company, which competes against traditional small-business-loan brokers, has been marketing itself as a
[Coming this November:
Fundera’s $11.5 million funding round was led by Susquehanna Growth Equity, according to Fundera.
The company, which launched in February 2014, said that its platform has facilitated more than $60 million in small-business loans so far.
