“The launch of Direct Draw marks another way Fundbox is giving small businesses more control over their finances and access to capital to grow their business,” said Eyal Shinar, founder and CEO, Fundbox. “Our artificial intelligence allows us to democratize credit access for SMBs that prefer to not use their personal credit. We do this by leveraging our Small Business Graph to analyze customers’ business fundamentals in the context of their network.”
Fundbox customers using Direct Draw only need to connect their bank account to get started. Fundbox algorithms review the transactions in that account to learn about the business and make a credit decision. Approved customers can draw funds any time with the funds transferring as soon as the next business day.
Fundbox’s proprietary technology allows it to tap into multiple data sources to assess risk and use its own rating system to extend credit to SMBs. The data Fundbox collects goes into its Small Business Graph, where it looks at its customers and their interactions with other businesses dynamically. Doing so gives it a robust view of the customer and its entire network. Fundbox works with over 50,000 SMBs but can see 12.8 million total businesses on the Small Business Graph.
Direct Draw complements the company’s invoice-based solution, which uses the SMB’s accounting software to gain insight into the SMB’s creditworthiness. Both options do not require personal credit for underwriting to get started. To date, Fundbox has served more than 50,000 SMBs and has approximately 60 million B2B transactions on its platform.
For more information, please visit www.fundbox.com.
Fundbox is the leading platform for small and medium-sized businesses to manage and optimize cash flow. Through its advanced data science and analytics capabilities, Fundbox taps into numerous data signals to assess customers for risk automatically and right away. Approved small and medium-sized business owners are able to access capital with a single click – funds show up in their bank account as soon as the next business day. Leading Silicon Valley entrepreneurs, finance veterans, and venture capitalists, including Spark Capital Growth, Bezos Expeditions (the personal investment arm of Jeff Bezos), General Catalyst Partners, Khosla Ventures, SV Angel, former CitiGroup CEO Vikram Pandit, and other prominent investors back the company. Fundbox makes capital available to businesses through business loans and lines of credit made by First Electronic Bank, member FDIC, in addition to invoice-clearing advances, business loans and lines of credit made directly by Fundbox.
Tracy Rubin/ Jill Fox
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1 Federal Reserve Bank of New York, 2016 Small Business Credit Survey, https://www.newyorkfed.org/medialibrary/media/smallbusiness/2016/SBCS-Report-EmployerFirms-2016.pdf
2 Federal Reserve Bank of New York
3 Biz2Credit, Small Business Lending Index ™, https://www.biz2credit.com/small-business-lending-index
4 Mills, Karen and Brayden McCarthy, “The State of Small Business Lending”, Harvard Business School
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fundbox-expands-product-offering-with-direct-draw-requires-only-a-business-bank-account-for-credit-decision-300472624.html