Fundbox – FinTech Company | Small Business Line of Credit
Looking for a B2B payment and credit network to use that transforms how funding flows, Fundbox is one you shouldn’t miss out on. Fundbox offers customers with a simple pricing option and also puts you in control. That is to say; you can see your upfront fees before committing to anything. Also, there is no early repayment penalty. Fundbox doesn’t require a specific time in business. It is handy for lots of B2B and B2C businesses, which includes small businesses and freelancers. So tell me what exactly you’re waiting for to use the service. To learn more about this platform, read on.
Fundbox is a Financial Technolgy company that offers financial products to small businesses. It was founded in 2013 and is based in San Francisco. Fundbox makes use of big data analytics, engineering, and predictive modeling to help optimize cash flow for small businesses and freelancers with awesome invoices. According to Wikipedia, “The organization has received funding from venture capital firms such as General Catalyst Partners, Khosla Ventures, Blumberg Capital, and NyCa Investment Partners.
Like MerchantMaverick.com says, “While Fundbox is not the only service to offer invoice financing and lines of credit, this company stands out because it is super easy to qualify for its products”. It doesn’t require a specific amount of time in business like most of its competitors. The borrower’s requirements are very low. In all summary, Fundbox is a convenient and simple source of financing for new and small businesses to use.
History Of Fundbox
According to Wikipedia,” The Concept for Fundbox was partially inspired by CEO and co-founder Eyal Shinar’s mother, who struggled with late payments at the employment agency she owned and operated in Isreal”. Fundbox was launched in April 2013. The service became available to the public in 2014, after operating for almost a year in a stealth mode.
Services Offered By Fundbox
The primary offering of Fundbox is a cash flow optimization tool that advances money against a company’s great invoices. According to my research in Wikipedia, it says “ The advances are intended for use by small businesses in the business to business space seeking to optimize cash flow and continue to successfully run their businesses while waiting for accounts receivable invoices to be paid”. Fundbox enhancement in cash flow is actually intended to help the seeking companies maintain consistent operations.
In order for customers to establish an account with the platform, they are required to link their accounting platforms with Fundbox. During the registration process, no fee is required. After that, the platform makes use of data analytics tools to determine a credit line and also calculate the risk of each invoice. Fees for each invoice will be visible for the customers to see. Funds will be deposited directly into the customer account once the invoice is cleared.
The lending service doesn’t have specific requirements regarding a customer time in business. Fundbox is currently within the US and its territories, so to use, you must be in the US or one of its territories such as American Samoa, Northern Mariana Islands, Puerto Rico, Guam, or US Virgin Islands. Aside from the states or locations to be in order to use this platform and it’s services, there are some compatible accounting or invoice software to use. That is required to be used for a minimum of two months before you can request or apply it on the platform. Some of the compatible software include;
The above are just a few of the software you must be used for at least two months.
Fundbox PPP Loans
Fundbox PPP means the Paycheck Protection Program. It is a new program offering loans up to $10 million at a 1% interest rate, calculated based on 2.5x your average monthly payroll costs. It is a great service that you should use but, not everyone is qualified for using the PPP loans. So now, who qualifies?
Small businesses with fewer than 500 employees; independent contractors and sole proprietors in business can qualify. Also, a business that operates an accommodation or food service business with few employees of 500 per location can qualify. A business that is assigned a franchise operator code by SBA and also the one that receives assistance under the Small Business Investment Act can use the PPP loans service. To learn more about the PPP loans offered Fundbox, use this URL Here.
To use the service, you need to have a login which is simple and fast to get. If you do not have, you can simply create an account or sign up using this the Fundbox Login page Here. Now, to login to your account, if you already have, all you need is to enter your email address (the one you used in signing up for the account) and password.