Fundbox

Fundbox

• Fundbox offers credit and payment solutions to small businesses.
• It uses big data analytics, engineering, and predictive modeling to help optimize cash flow for small businesses.
• Services
  • Line of credit
    • The credit is intended for use by small businesses in the business-to-business space seeking to optimize cash flow and continue to successfully run their businesses while waiting for accounts receivable invoices to be paid.
    • This enhancement in cash flow is intended to help companies maintain consistent operations and make investments such as new equipment or payroll.
    • Fundbox’s customers are typically B2B small businesses with 20 employees or fewer.
    • As of June 2021, the solution was integrated into QuickBooks, FreshBooks, Xero and Indeed.
  • Term Loan
• Use
  • To establish a Fundbox account, users are required to link either their accounting platform or their business bank account with Fundbox.
  • There is no fee for this registration, connection, and approval process.
  • Fundbox then uses data analytics tools such as data science engines and machine learning algorithms to determine a credit line.
  • A typical credit line can vary between $2,500 and $150,000.
  • Before clearing an invoice, Fundbox customers can see the fee, which is based on the risk and probability of repayment.
  • Once a customer draws, Fundbox deposits the money directly into the customer's bank account between 24 and 48 hours.
• Repayment
  • Customers can choose between 12 or 24 week repayment.
  • Repayment is completed through weekly payments that are automatically debited from a customer's bank account.