Fundbox is a start-up that provides its clients, small and medium businesses, with loans and financial products. The company solves the problem of working capital needs with credit and payments offerings.
The Series D round was led by the Healthcare of Ontario Pension Plan. Already invested companies – Allianz X, Khosla Ventures, and The Private Shares Fund – also took part in the round. Among new investors were Arbor Waypoint Select Fund and a suite of BNY Mellon funds managed by Newton Investment Management North America.
Fundbox, headquarters in San Francisco, was founded in 2013 by Eyal Shinar, Tomer Michaeli, Yuval Ariav. As of now, the company has worked with more than 325 000 enterprises, and in total provided transactions on $2.5 billion. Fundbox uses artificial intelligence in its platform that allows customers to easily get access to business credit. Large banks often ignore SMBs, the reason is that the risk assessment expenses don’t worth much with the size of the loans. “Our focus on using AI to make these decisions really helps us shine because more than 99% of all our decisions are completely automated without any human involvement whatsoever,” Prashant Fuloria, CEO, said.
