2019’s second quarter saw some hard work and exciting recognition for our team, with many things to celebrate since our last roundup.
Here’s a recap of some of the biggest news, awards, and new partnerships we announced over the past few months.
Report: Trade credit’s $3.1T squeeze on businesses
We sponsored a survey of United States businesses by media partner PYMNTS, to uncover the extent of the impact of offering net terms. The results were astounding.
“There are few areas of the economy in which millions of dollars in goods and services could be received solely with an IOU. Yet, such a system prevails for the millions of U.S. businesses that engage in trade credit relationships with their business partners. One eye-popping figure demonstrates just how prevalent the “buy now, pay later” B2B payment practice has become: $3.1 trillion is the net amount U.S. firms are owed in accounts receivable on any given day,” according to PYMNTS.
Launch: OroCommerce teams with Fundbox
OroCommerce, the B2B e-commerce software provider, selected Fundbox to offer the Oro’s marketplace customers a powerful new checkout solution that unites fast credit decisions with on-demand access to trade financing. Owned by Oro, Inc, a company that was founded in 2012 by industry leaders in open-source business application development, OroCommerce is dedicated to revolutionizing B2B commerce through digital transformation.
PYMNTS reported on the partnership: “Trade credit has been around for decades and is less than efficient, with $3.1 trillion tied up in outstanding invoices. To grease the wheels of commerce, Fundbox and OroCommerce are joining forces to provide B2B credit through the two-sided platform model. Jason Smith, vice president of business development and partnerships at Fundbox, tells PYMNTS that a data-driven, machine learning-enabled model makes all the difference between access to capital — and turns gridlock into growth.”
Read the press release for details about the partnership.
Read the article in PYMNTS for insights from Jason Smith, Fundbox Vice President of Business Development and Partnerships.
Launch: AND CO + Fundbox integration for freelancers
We’ve launched our integration partnership with AND CO, enabling approved freelancers to get faster access to credit than ever before, all from within their AND CO workflows.
AND CO wrote on their blog: “71% of freelancers have trouble getting paid at some point in their career. Worse still, among those freelancers, 81% are paid late and 34% are completely ghosted. Apart from being stressful, unpaid invoices can interrupt your ability to keep performing the activities that will grow your business. …Our new integration with Fundbox can help you get access to business funds right from your AND CO dashboard.”
Award: FinTech Breakthrough
For the second year in a row, we were honored by FinTech Breakthrough, this time as the winner of the “Best B2B Payments Platform” award. FinTech Breakthrough, an independent organization that recognizes the top companies, technologies, and products in the global FinTech market today, announced the winners in April.
“In today’s global economy businesses should no longer be bogged down with slow and inefficient transaction processes that can significantly impede a business’ growth,” said James Johnson, Managing Director, FinTech Breakthrough. “Fundbox Pay is reimagining the way that B2B companies pay and get paid with modern, digital payment processes that deliver the speed, certainty, and convenience of B2C transactions to the world of B2B. Congratulations to Fundbox on their well-deserved 2019 FinTech Breakthrough Award designation.”
Award: Israel’s 50 most promising startups
On a star-studded list from Calcalist Tech, Fundbox appeared as one of three “fintech stars taking over the American market.”
“Fundbox’s quick success led it to chart a new goal—establishing a B2B credit network. Fundbox’s unique strategy sees it going after suppliers to assure they receive payment through the Fundbox platform, leading to organic expansion. Fundbox is active exclusively in the U.S., but unlike the other two companies on this list, it is looking to other markets where a B2B credit network is applicable.”
Award: 2019 Red Herring Top 100 North America Winner
This year, Red Herring, a global media company, selected Fundbox as a winner of its Top 100 North America 2019 event, recognizing the continent’s most innovative private technology companies.
“2019’s crop of Top 100 winners has been among our most intriguing yet,” said Red Herring chairman Alex Vieux. “North America has led the way in tech for so many years, and to see such unique, pioneering entrepreneurs and companies here in California, which is in many ways the heartland of the industry, has been a thrilling experience.
Companies were judged by industry experts, insiders, and journalists on a wide variety of criteria including financial performance, innovation, business strategy, and market penetration.
Read the press release for details on the Red Herring Top 100.
A casual group shot of the inaugural Fundbox Dallas team.
Expansion: Say hello to our new TX office
One of the most exciting things to happen in the world of Fundbox this quarter? We officially added a third office! Plano, Texas is our new home base for all things customer support and collections, with 30+ new employees.
We’re thrilled to open our second U.S. office in the Dallas area after a long and careful selection process. The Mayor of Plano even gave us a warm welcome.
“We are truly excited to welcome Fundbox into the Plano business community,” said Mayor Harry LaRosiliere, Mayor of Plano, Texas. “The new Fundbox is a company on the cutting edge of technology and their office in our city further validates Plano as the City of Excellence and Innovation. We look forward to seeing Fundbox grow and wish the company our very best!”
We’re still growing fast, so check our careers page for the latest open roles.