“A single idea from the human mind can build cities.” – Christopher Nolan
It’s true, an idea can really reshape the world. All the modern technologies that we have at hand are born out of an idea. We have so many startups today that are mushrooming because of the diverse ideas the founders have. However, for every idea to thrive, there’s an important criterion- funding. Funding is especially important for small businesses to keep their startup/business going. Easing out the procedure and making things simple for small businesses to get their funds is Fundbox.
Cutting-edge technology, data science, and common sense are adopted by Fundbox to craft enhanced financial options for small businesses. In fact, because of Fundbox, small businesses in the country have better control over their finances. This is enabling them to grow and succeed. Fundbox has nearly 70,000 customers who trust the company with their data.
Did you know?
On average, a Fundbox customer earns more than $250,000 in annual revenue and has been in business for over a year.
Tracing the roots
It all started with family. One of the co-founder’s mother had a small business and she needed funds to keep her business growing. But she couldn’t get the loan she required. This sparked off the need to help small businesses and Fundbox was established.
“Several eventful years later, Fundbox has two products for small businesses: our award-winning invoice financing offering and a line of credit that requires only a bank connection to get a credit decision,” says Fundbox in its website. Both of these products deliver the required funds with a single click. Literally, the funds show up in the customer’s bank account as soon as the next business day.
For its innovative service, Fundbox has raised over $100 million in capital from leading Silicon Valley investors like General Catalyst Partners, Spark Capital, and Khosla Ventures. The company is proud to have partnered with top tech industry influences such as Intuit QuickBooks, Freshbooks, Xero, Harvest, and Zoho.
Fundbox has a simple mission: “To simplify and improve the way small businesses pay and get paid.” As the only company using advanced insights, Fundbox is creating previously unavailable financial options and presenting the small business with an experience that’s straightforward and truthful. “Because of us, our customers have more control over their finances, and are better able to succeed and grow,” says the company.
“During the busy season, it’s crucial that we have cash in our hands on time. Fundbox makes that possible.” – Kyle Parsons, CEO Indosole
“We love the simplicity of the system – easy to set up, easy to sync, choose an invoice to clear, money in your bank account the next business day.” – Dee Dee Hunt, Founder and CEO of ArtDeezine
The three easy steps for quick finance
In order to get your finance, you simply need to connect your business bank account or accounting software. This allows Fundbox to gain insight into your business. Next, you can select the option that best represents your business performance.
Once the first step is through, your proposal might be approved almost instantaneously. And once the approval is done, you can draw the fund anytime. With Fundbox, your funds are transferred as soon as the next business day. You can pay the amount only when you draw the funds.
One of the biggest advantages of Fundbox is that you can pay back the amount over time. With each week the amount is repaid (minus the fees), it’s available to you again. Fundbox also provides you the advantage of waiving off the remaining fees if you repay early.
Meet the Inspirer!
Eyal Shinar- Co-Founder and CEO
Prior to founding Fundbox, Eyal was the Vice President at Battery Ventures, where he was previously a Senior Associate. His expertise in the fields of financial tech, e-commerce, private equity investments, and management skills has shaped the growth of Fundbox. Eyal secured his MBA from the University of Pennsylvania - The Wharton School.
“Small businesses are the core of our economy, yet the resources available to them are limited at best. We give small businesses new financial power and guidance so they succeed.”
“Our goal is to simplify and improve the way that small businesses pay and are paid.”