Fundbox

Last updated
Fundbox
FoundedAugust 2013 (2013-08) in Israel [1]
FoundersEyal Shinar, Tomer Michaeli, Yuval Ariav
Headquarters San Francisco, California
Key people
  • Prashant Fuloria (CEO) [2]
  • Marten Abrahamsen (CFO) [3]
  • Cetin Duransoy (President and COO) [4]
Website fundbox.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.

Contents

History

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

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]

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References

  1. 1 2 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. 1 2 Slade, Hollie (April 10, 2014). "Fundbox Raises $17.5M Series A To Bridge Gap Between Invoices For B2B". Forbes . Retrieved July 25, 2021.
  7. 1 2 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. 1 2 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. 1 2 3 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.