Fundbox provides credit solutions to small business

0

Country: USA

Year: 2012

Concept

  • Fundbox is able to provide up to 100 000$ loans to small business
  • By connecting to its clients’ bank account or accounting software, Fundbox evaluates business health and borrowing capacity
  • Fundbox derives its revenues from weekly fees, starting at 4,66% depending on the amount borrowed
  • Credits repayments are made every 12 or 24 weeks, depending on the customer’s needs
  • Since 2012, Fundbox raised around $100 millions from major investors such as Bezos Expeditions and Spark Capital

Consumer Benefits

  • Simple: full online application process with automatic connection to client’s accounting software or bank account
  • Quick: funds provided on client’s account as soon as the next business day
  • Flexible: funds repaid are instantly  available for other purpose if needed

How It Works

  • Potential users open an account on Fundbox’s platform and connect their accounting software or bank account
  • Fundbox automatically review the business’ health thanks to its software
  • Then, depending on the Fundbox’s decision, an amount of money to be possibly borrowed is made availble for the client

Illustration