Fundbox

Fundbox
FoundedAugust 2013 (2013-08) in Israel[1]
FoundersEyal Shinar, Tomer Michaeli, Yuval Ariav
HeadquartersSan Francisco, California
Key people
Websitefundbox.com

Fundbox is a working capital platform based in San Francisco that offers credit and payments as a service to small businesses. Founded in 2013, the company innovates technology to help optimize cash flow for small businesses.

History

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The concept for Fundbox was partially inspired by co-founder Eyal Shinar's mother, who struggled with late payments at the employment agency she owned and operated in Israel.[5] Founded by Yuval Ariav, Eyal Shinar, and Tomer Michaeli in 2013,[6] it operated for a year in stealth mode before becoming available to the public in 2014.[7] After launch, it announced it had received $17.5 million in funding from investors led by Khosla Ventures.[8][9] In 2020, Fundbox hired Marten Abrahamsen, a former investment banker, as the company's chief financial officer.[10]

As of November 2021, the company has received a total of $410 million in funding and a valuation of $1.1 billion, including $100 million in funding led by Healthcare of Ontario Pension Plan.[11]

Services

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Fundbox offers working capital products to small businesses.[11] Its primary offering is a revolving line of credit to manage cash flow.[12][7][6] Fundbox uses a banking partner to give short-term funds up to $100,000.[10] It also offers membership-based offerings and payments which include Flex Pay, which provides additional payment options for business expenses.[11] Its services are offered online and through a tech platform[1] that integrates with QuickBooks, FreshBooks, Xero and Indeed.[13]

References

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  1. ^ a b Ben-David, Ricky (1 December 2021). "Israeli-founded firm Fundbox becomes unicorn with fresh $100m investment". The Times of Israel.
  2. ^ "Founder Of Fundbox Steps Aside As CEO". www.pymnts.com. 2 July 2020. Retrieved 22 April 2021.
  3. ^ Trentmann, Nina (14 January 2020). "Fundbox Hires First CFO as Fintech Startup Eyes Future IPO". The Wall Street Journal. Retrieved 22 April 2021.
  4. ^ Calvey, Mark (25 March 2021). "Fundbox taps former Visa exec for its C-suite". San Francisco Business Journal. Retrieved 22 April 2021.
  5. ^ Lapowsky, Issie (March 19, 2015). "Startup Raises $40M to Keep Small Businesses' Cash Flowing". Wired. Retrieved May 18, 2015.
  6. ^ a b Slade, Hollie (April 10, 2014). "Fundbox Raises $17.5M Series A To Bridge Gap Between Invoices For B2B". Forbes. Retrieved July 25, 2021.
  7. ^ a b Magee, Christine (March 19, 2015). "Fundbox Raises $40 Million To Pay Invoices On Demand". TechCrunch. Retrieved July 25, 2021.
  8. ^ Rao, Leena (April 10, 2014). "Lending Startup Fundbox Raises $17.5M From Khosla To Help SMBs Improve Cash Flow". TechCrunch. Retrieved May 18, 2015.
  9. ^ Novet, Jordan (April 10, 2014). "Fundbox gets $17.5M to give small businesses money when they need it". VentureBeat. Retrieved May 18, 2015.
  10. ^ a b Trentmann, Nina (2020-01-14). "Fundbox Hires First CFO as Fintech Startup Eyes Future IPO". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-12-13.
  11. ^ a b c Azevedo, Mary Ann. "Fundbox, a fintech focused on SMBs, raises $100M at a $1.1B valuation". TechCrunch.
  12. ^ Cowley, Stacy. "Online Lenders Offer a Faster Lifeline for Small Businesses". The New York Times. Retrieved May 18, 2015.
  13. ^ "Fundbox and Indeed partner to extend growth resources to small businesses". calcalistech.com. June 15, 2021. Retrieved July 25, 2021.
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