By extending access to the Fundbox AI-enabled underwriting platform at the point of transaction, B2B companies can confidently accelerate business opportunities and revenue.
Recently we announced the expansion of our rapidly-growing business capital platform with a new ecommerce checkout feature.
As online commerce continues moving at the speed of light, we understand that B2B businesses can no longer remain hostage to asynchronous transactions and delays caused by paper checks, invoices, and extended terms. The current conventions of credit and payments in the world of B2B transactions result in cash flow disruptions, delayed business deals, and impediments to business growth.
After analyzing data from our proprietary business graph (including an analysis of 16,000 Fundbox customers from July through December 2018), we found that the average small- to medium-sized company has 24 percent of its monthly revenue tied up in accounts receivable, terms, or trade credit.
“Fundbox has a legacy of creating breakthrough solutions for businesses in the U.S.,” said Prashant Fuloria, COO of Fundbox. “With checkout capabilities for Fundbox Pay, customers now have more ways than ever to tap into their Fundbox credit, and partners have new ways to contextualize access to credit in their workflows. This marks our evolution from a product-centric company to a platform-centric company.”
Here’s a roundup of recent media coverage of the launch and what it means for B2B marketplaces.
American Banker: Fundbox updates B-to-B credit for online marketplaces
Fundbox made a name for itself by integrating with accounting software like Intuit’s Quickbooks and making quick loans to small businesses based on their receivables and cash flow. Last year, it began integrating its automated lending service with several software programs commonly used by its borrowers.
In March it launched Fundbox Pay, which expands the idea to payments and credit between small businesses. Using Fundbox Pay, a small business that has provided a product or service makes a request for payment and gets paid immediately by Fundbox.
PYMNTS: Fundbox Pay Expands To B2B Marketplaces
Financing purchases at the point of sale are gaining traction in B2C eCommerce, so why not B2B? Fundbox is bringing Fundbox Pay to the points at which smaller firms’ workflows and checkout capabilities intersect — which, according to CBO Sebastian Rymarz, offers credit where and when companies need it, with a bit of AI-driven insight to contextualize it all.
deBanked: Fundbox Increases Speed of B2B Transactions
“We’re positioning ourselves to be the PayPal for B2B transactions,” a company spokesperson, Tim Donovan, told deBanked. “And that means becoming as ubiquitous as finding Visa, Amex or PayPal in a B2C checkout flow.”
Sourcing Journal: Fundbox Adds B2B Trade Credit Capability to Unlock Cashflow for Retailers
Fundbox, a financial technology company, has transitioned from product-centric to platform-centric with its new B2B trade credit and payment service. The new service is set up so the company can make a credit decision in under three minutes, using real-time risk assessment with on-demand access to capital at the moment of transaction.
Read the full story in Sourcing Journal. (login required)
SmallBizDaily: Getting Credit at the Moment of Need
This new e-commerce checkout feature grants credit approval (using machine learning and AI) in under three minutes. Rymarz explains, “Since it’s so quick we can be inside the checkout flow.” This allows customers who are approved for credit to buy more on the spot, helping them get the products they need and helping the buyer sell more goods.
Mobile Payments Today: Fundbox Pay extends financing decisions to e-commerce platforms
“Fundbox has a legacy of creating breakthrough solutions for businesses in the U.S.,” said Prashant Fuloria, COO of Fundbox, said in an announcement. “With checkout capabilities for Fundbox Pay customers now have more ways than ever to tap into their Fundbox credit, and partners have new ways to contextualize access to credit in their workflows.”