10 Best Private Companies 2021
Small businesses need financial tools to help them grow so they can make strategic investments at the right moment. Fundbox's mission is to unlock the potential of small businesses by giving them financial agility and peace of mind.
Founded in 2013, Fundbox was an AI-powered financial platform for small businesses that offers fast and intuitive access to business credit. Since its establishment in 2013, nearly 300,000 small businesses have put their trust on Fundbox. The company builds deep relationships with its customers that grow.
"Our founding mission at Fundbox is to unlock growth for small businesses. While our company has grown rapidly over the years, our team remains focused on the same goal – powering the small business economy and improving our customers' financial lives," said Prashant Fuloria, Chief Executive Officer of Fundbox. Over 325k businesses trust Fundbox with their data. No hidden fees, no prepayment penalties.
Fundbox is a financial platform for small businesses. Its mission is to unlock growth for small businesses by providing fast and easy access to financial tools and working capital solutions. Fundbox has connected with many businesses unlocked over $2 billion in working capital, and invested over $100M into its AI platform, gaining deep insights into the small business ecosystem. The company has received numerous awards including the prestigious Forbes Best Startup Employers and AI 50, Red Herring Top North American 250, CB Insights Fintech 250, and Fintech Breakthrough Awards.
"Our partnership with Fundbox has allowed us to start and grow this division. It went from an idea two years ago, to pushing hundreds of thousands of dollars in revenue in these first four years. I'm really pleased," said J. Alan Fagan, Founder and CEO, Mattox Group.
Fundbox provides fast and flexible credit up to $150,000. Invest in growth, manage your cash flow, and meet the moment with Fundbox. "Small business owners are like boxers. We go into the ring and get hit a few times. Fundbox is in our corner to take care of us and help get us back into fighting shape," said Paul Chaney, Founder of Chaney Marketing Group.
Helping Mr. Appliance franchisee
Scott Bullock is a serial entrepreneur, and when he moved to Southern Utah and was searching for his next venture, he found a Mr. Appliance franchise and bought it. As the name suggests, Mr. Appliance franchisees handle on-location appliance repairs for residential and commercial properties.
After getting the business off the ground, he felt like he wasn't growing fast enough. Field service businesses like Mr. Appliance strive to resolve a customer's issue in one site visit. The only way they can do this is by keeping an inventory of pa‑s on-hand in their vans. If they don’t have a part to fix an appliance, they have to order it and return for a second visit. This extra time costs money because it means while they're serving old jobs they can't take on new ones.
The reason he couldn't stock the parts inventory was cash flow. "My commercial clients are great, but often they don't pay me for 30 or 60 days. Some of my largest clients are the big casinos in Las Vegas and they don't pay quickly," said Scott Bullock, Owner/Franchisee. The lack of cash flow meant that Bullock was only completing 17% of his jobs in one visit, compared with the industry benchmark of 40%.
Around that time, Fundbox called. Fundbox is a partner of ProTradeNet, the platform that serves franchise businesses like Mr. Appliance with tools and exclusive offers to help them run smoothly and grow.
"They just called and asked if I wanted to set up an account. I said yes and that day I was all set up. I only had to fill out a couple of forms. It wasn’t hard at all," said Scott Bullock, Owner/Franchisee. As soon as he was approved for a Fundbox line of credit, he started using it to invest in inventory and new vans.
Within three months of using Fundbox, Bullock saw returns. He was able to boost his ability to complete client jobs to 40%, which has meant he's been able to take on 15% more jobs than before. He now uses Fundbox about once a month. “Cash flow is key," he said. "Sometimes you run out. Fundbox is there to save the day."
Prashant Fuloria, Chief Executive Officer
He is also a Lecturer at Stanford University Graduate School of Business and Cornell Johnson Graduate School of Management at Cornell University and University of California, Berkeley, Haas School of Business.