Are you looking for some loans for your business? Is being a small business stopping you from getting instant loans? Then worry not, as we have got you the best platform which can solve your business funding problem. In this article we have talked about Fundbox, a platform that offers credit to small businesses quickly so that your business can grow.
Keep reading to learn more about Fundbox.
What is Fundbox?
Fundbox is a working capital platform based on advanced AI technology that offers small business with funds and payments services. Fundbox uses AI technology to optimize cash flow for small businesses. As per Fundbox data, they have successfully helped 500,000 businesses get funds of over 3 billion dollars in total as of 2023.
Fundbox was founded by Eyal Shinar, Yuvak Ariav and Tomer Michaeli in 2013. Fundbox headquartered in San Francisco, California. This company uses innovative technology with its software to optimize cash flow for businesses, especially small businesses.
The concept of the company to offer funds to small business was inspired from cofounder Eyal Shinar’ mother personal struggle with late payments in her own employment company in Israel. Initially, the company worked in stealth mode before becoming public in 2014.
Fundbox, after its launch got a total of 17.5 million dollars in a funding from Khosla Ventures, an American venture capital firm. The company hired Marten Abrahamsen as its CFO in 2020, who was formerly an investment banker.
Fundbox got a total of 410 million dollars in 2021 in Series D funding. Fundbox became the latest fintech unicorn of Israel with 100 million fund in the Series D making taking the company valuation to 1.1 billion dollars.
How Does Fundbox Operate?
Fundbox aims to connect businesses and provide small businesses with credit when needed so that they can grow and sell more. Using this platform, businesses can easily get funding and keep selling their products and services keeping the price transparent.
This working capital platform enabled with machine learning model can assess the performance history of businesses and offers credit based on it. With Fundbox your business will get quick approvals for funds which will help you make payments for products or you can buy more products and sell more to get more profits.
Who Is Eligible For Fundbox?
To qualify for Fundbox funding your business need to have at least 3 months of transaction history on your business checking account.
Another eligibility criteria for Fundbox funding is to have 100,000 dollars or more revenue annually.
If you have a personal credit score of 600 and above you can avail funding service of it.
Although Fundbox approves instant funding but we cannot guarantee your credit approval request acceptance only by these above listed criteria. These criterias are general good indicators for being eligible to get credit from this platform.
As of now the working capital platform offers it services for businesses in the U.S. states, Puerto Rico, Guam, North Mariana Islands, American Samoa and U.S. Virgin Islands.
What Is Fundbox Plus?
Fundbox Plus offers added benefits for small businesses when taking credits from the platform. Fundbox Plus costs 99 dollars per month and you can cancel it anytime while enjoying the benefits from the platform until your billing month ends.
Benefits you would get from Fundbox Plus are:
- You will get a 20% discount from new draws.
- Availing this plan will allow you a 52 week repayment plan including 12 and 24 week plans.
- You will get a monthly payment option instead of a weekly payment option.
- You get the option to wait until 28 days before making your first payment.
- Priority support.
- Plus-members only offers and access to events.
- You get the option to request reassessment to increase your credit limit.
Reviews On Fundbox
Here are some reviews on Fundbox by customers who used this AI platform. Keep reading to know what they have to say about it.
Olga B. says, “Convenient Dashboards Offering Great Visibility,” about Fundbox services.
| What do you like best about Fundbox? I like that it was super easy to set up an account with FundBox and I just love the visibility their dashboards provide. FundBox integrates with accounting software as well as links to a company bank account. All together this gives me the ability to easily move funds around. I like that the balance can be repaid early without additional fees. I also find very helpful the ability to draw more funds once a portion of the debt is repaid. What do you dislike about Fundbox? What I don’t like about FundBox is that it is not that simple to navigate through the account. Every time I need to locate a Balance Statement, I spend quite a lot of time searching for it. I have to go to FAQ multiple times, check every tab on the dashboard and perform other manipulations to find what I need. Recommendations to others considering Fundbox: If you are a startup like us and need more financial flexibility when some unforeseen expenses come up, you might find it being a very helpful solution. FundBox integrates with QuickBooks online or desktop, and other accounting software. It also links to a company bank account which gives one the ability to easily move funds around. It is possible to repay the balance early without additional fees as well as draw more funds once a portion of the debt is repaid. What problems is Fundbox solving and how is that benefiting you? Great solution for startups which gives us more financial flexibility when some unforeseen expenses come up. |
Verified User in Information Technology and Services says, “FundBox keeps my Cashflow moving.”
| What do you like best about Fundbox? I like that I can get money when I need it to keep my business moving. What do you dislike about Fundbox? I think the GUI could use some updating with more reports and options, but I can’t find much to dislike. What problems is Fundbox solving and how is that benefiting you? The benefits to using it is that I don’t have to wait for my customers to pay me to utilize the funds for other projects, and I don’t have to apply for credit from the bank. |
Verified User in Marketing and Advertising says, “Helpful service for clearing invoices, “about FundBox.
| What do you like best about Fundbox? Fundbox helps you get paid faster, which is amazing for when you have slow-paying clients. What do you dislike about Fundbox? Repayments are automatically taken from your account weekly, but you know and agree to this upfront along with choosing your repayment schedule. What problems is Fundbox solving and how is that benefiting you? Cash flow |
Conclusion
Now that you know about Fundbox, will you use this platform? If you do use it, let us know your experience.
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