NerdWallet, a prominent provider of financial guidance, revealed late last week its acquisition of Fundera. Established in New York City in 2013 by Jared Hecht – also a co-founder of GroupMe – Fundera developed a platform connecting small businesses with lending options. The company later broadened its services to include areas such as legal support, alongside delivering complimentary financial information, mirroring NerdWallet’s own approach.

In a released statement, Hecht explained, “The landscape can be quite unpredictable for those running small businesses. Locating the appropriate financial solutions and advice to launch, develop, and finance their ventures can prove difficult, as many small business owners lack a dedicated support system. Our aim is to bring clarity to this process by informing, assisting, and championing business owners, a mission closely aligned with NerdWallet’s work within the consumer financial sector.”

The current economic climate, particularly the effects of the pandemic, may create an increased need for support among small businesses.

As per the official announcement, Fundera will function as a division of NerdWallet, with its complete team joining the acquiring company. This move intends to enable NerdWallet to broaden its reach into the small- and medium-sized business sector through both informative content and direct financial services.

“Despite providing complimentary resources and information, we haven’t been able to comprehensively assist small business owners – that situation is changing now,” stated Tim Chen, co-founder and CEO of NerdWallet. “Fundera has been a valued partner for several years, and their extensive knowledge of the SMB market, established and reliable connections with lenders and business owners, and dedication to prioritizing the needs of small businesses are truly exceptional.”

The specifics of the acquisition’s financial details were not made public. Crunchbase data indicates that Fundera secured $18.9 million in investment from firms including QED Investors, Khosla Ventures, First Round Capital, and Susquehanna Growth Equity.

This marks NerdWallet’s second acquisition in 2020, following the earlier purchase of Know Your Money, a company based in the U.K. NerdWallet reports consistent growth and profitability over the last several years.