Fundbox raises USD 17.5 mln in Series A funding

Thursday 10 April 2014 00:39 CET | News

Fundbox, a US-based small business solution provider, has secured USD 17.5 million in funding led by Khosla Ventures.

Khosla Ventures joins a team of investors including Ron Conway’s SV Angels, Vikram Pandit, former CEO of Citigroup, Tom Glocer, former CEO of Thomson Reuters, Jay Mandelbaum, former Head of Strategy and Business Development for JP Morgan Chase, Emil Michael, SVP of Business at Uber, Shlomo Kramer, CEO Imperva, David Krell, Chairman ISE and several other investors.

Fundbox processes a number of invoices daily, enabling small business owners to fix their cash flow by advancing payments for unpaid invoices. In order to use Fundbox, a small business owner or bookkeeper connects to their accounting and bookkeeping apps, including Quickbooks, Xero, or Freshbooks, on Fundbox’s website. The Fundbox risk engine assesses the customer’s network and invoices for risk automatically. The user can then view their outstanding invoices through their Fundbox account and choose which invoices to clear. Fundbox accomplishes the underwriting by tapping into a number of sources of data, including the user’s financial health, the demographics of their customers, and even the seasonal nature of some specific businesses. Money for funded invoices is transferred to the user’s bank account the next business day.

Fundbox leverages deep data analytics to enhance cash flow and clear invoices for small business. Founded in 2012, Fundbox is backed by a number of Silicon Valley entrepreneurs, finance veterans, and venture capitalists including Khosla Ventures, SV Angels, and former CitiGroup CEO Vikram Pandit.

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Keywords: Fundbox, Khosla Ventures, Series A, funding, Vikram Pandit, invoices, cash flow, QuickBooks, Xero, FreshBooks
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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