We’re thrilled to announce our expanded partnership with Synchrony, one of the nation’s premier consumer financial services companies, to make credit available to Synchrony’s growing base of small businesses. With the new Fundbox implementation, Synchrony’s small business merchants who are interested in applying for a business line of credit can conveniently access the Fundbox service through the Synchrony Business Center.
Now, Synchrony can provide small business merchants with “in-workflow” access to Fundbox credit service at a time when they need it the most.
“At Fundbox, we have built our entire business experience around the needs of our customers, be they SMEs, B2B platforms, Vendors, or services like Synchrony,” said Eyal Shinar, Founder, and CEO of Fundbox. “With the increased availability of business data, advances in machine learning, and the growth of APIs to make integrations easier, Fundbox is bringing risk analysis and on-demand access to capital directly at the point of the B2B transaction. We are consumerizing B2B commerce in a way that no one else has done before at a time when the B2B market needs it the most.”
“Synchrony is constantly looking to provide our small business merchants with new tools and resources. With Fundbox, small businesses can apply for a credit line, which can make a huge difference in helping drive growth,” said Karen Nash Mirkin, senior vice president, Synchrony Connect. “We are looking forward to continuing our partnership with Fundbox to help our partners grow.”
A roundup of media coverage of Fundbox’s expanded partnership with Synchrony
PYMNTS: Fundbox Strengthens Synchrony’s SMB Financing Position
B2B payments and finance company Fundbox is expanding its partnership with consumer financial services company Synchrony in a deal that will expand the latter’s position in small business funding.
In a press release issued on Thursday (March 28), Fundbox and Synchrony announced a collaboration that will enable Synchrony to link its small business customer base to financing by integrating Fundbox‘s artificial intelligence-powered business capital technology. The solution is geared toward merchants using the Synchrony Business Center, a holistic tool that helps merchants manage operations and implement financing solutions for their own customers.
Now, via the Fundbox integration, those same merchants can access capital themselves.
LendTech: Synchrony picks Fundbox to provide B2B credit for merchants
Fintech company Fundbox has partnered with Synchrony to make B2B credit available to the financial services firm’s merchant client base, reports Jane Connolly. Fundbox built the first artificial intelligence (AI)-enabled business capital platform, designed to accelerate B2B commerce at scale.
LendIt Fintech News: Fundbox Partners with Synchrony for SMB Lending
The partnership announced today will allow Synchrony’s small business merchants to apply for a line of credit through Fundbox; borrowers be able to access the product offering through Synchrony’s Business Center; Fundbox leverages machine learning to provide a funding decision in just minutes and provides access to lines up to $100,000; Fundbox was founded in 2013 and has raised $150 million.
Image source: PYMNTS.
Business accounts offered by Synchrony
Besides their partnership with Fundbox, Synchrony Bank offers three basic services for businesses: Credit Card Services to help clients large and small offer credit cards to their customers, award-winning FDIC-insured Savings Products including online and mobile banking, and CareCredit, a credit card accepted at more than 240,000 locations nationwide.
Working with hundreds of thousands of clients, Synchrony Financial, the owner of Synchrony Bank, is the largest provider of private label credit cards in the U.S. based on purchase volume and receivables. If you want to know what stores will accept your Synchrony card or what merchants use Synchrony bank, you cab search their Credit Card Partners on their website.
If you have a Synchrony card and are looking to pay your card or contact customer support, you can start by visiting Synchrony’s credit card support site. Search for the store your card is co-branded with, or for your credit card type, and then follow the link to access your account online or find the phone number to call if you prefer to speak with a live representative.
Because Synchrony focuses on offering credit cards, Synchrony merchant services, high-yield savings, and money market accounts, it does not have any sort of personal Synchrony Bank loan offerings, including mortgage, home equity, or car loan products for its customers. For general information about personal and other loans, visit the Synchrony blog.
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