Fundbox Growth Surges Through FreshBooks Partnership

SAN FRANCISCO, May 27, 2015 /PRNewswire/ -- Fundbox, the leading cash flow optimization platform for small businesses, today announced significant growth propelled by its partnership with FreshBooks, the #1 cloud-based accounting software designed exclusively for service-based small business owners.

According to a U.S. bank study, 82 percent of business failures are due to poor cash management. Credit-as-a-Service was designed to provide a simple solution to one of the biggest challenges faced by small businesses – cash flow. Since Fundbox launched its Credit-as-a-Service technology with FreshBooks in January 2014, small business owners across the nation have used the integration to access funds during the gap between invoices being issued and paid. In the last 15 months, the offering has fueled a 56-percent increase in originations among FreshBooks users. Additionally, through the partnership, the Fundbox customer base has doubled in the first three months of the calendar year.

"Credit-as-a-Service allows FreshBooks' customers to instantly, safely and easily access funds through their existing accounting software," said Eyal Shinar, CEO of Fundbox. "The Fundbox platform eliminates the biggest pain point that hinders small business success and we are committed to helping them overcome this hurdle and drive long-term growth."

Fundbox, which uses advanced data analytics and machine learning, is directly embedded into the FreshBooks application. Through the Credit-as-a-Service offering, FreshBooks customers in the United States with at least six months of invoice activity in their account may be eligible for an advance payment on selected invoices owed. Funding typically happens in less than 24 hours and there are no set-up fees, hidden fees, or penalties for early repayment.

"The small business market is the backbone of the economy, yet ironically, it's the most underserved," said Mike McDerment, co-founder and CEO of FreshBooks. "It's incredibly difficult for small business owners to secure traditional bank loans to close short term gaps in cash flow. By partnering with Fundbox, we are offering a simple, transparent, and flexible method of solving short-term cash-flow issues by turning unpaid FreshBooks invoices into money in the bank. In essence, something complicated is now easy."

The success of this partnership earned Fundbox and FreshBooks the Silver award from the 2015 PYMNTS Innovator Awards for Best Small Business Innovation. Additionally, Fundbox was awarded the Gold for Best Newcomer and the Silver for Best Credit Innovation at the PYMNTS conference this year.

About FreshBooks

FreshBooks is the #1 cloud-based accounting software designed exclusively for service-based small business owners. The company has helped more than 10 million users process billions of dollars through its easy-to-use invoicing, expense management and time tracking features. Recognized in 2014 with six Stevie awards for best customer service in the world, the company's mantra is to "execute extraordinary experiences everyday." Based in Toronto, Canada, FreshBooks serves paying customers in 120 countries. 

About Fundbox

Fundbox leverages deep data analytics to accelerate cash flow and clear invoices for small business. The Fundbox risk engine taps into numerous data signals within its network to assess customers and invoices for risk automatically and instantly, allowing small businesses to choose which invoices to clear with a single click.  Technology and finance industry veterans Eyal Shinar, Yuval Ariav and Tomer Michaeli founded Fundbox in 2012.  Leading Silicon Valley entrepreneurs, finance veterans, and venture capitalists including Khosla Ventures, SV Angels, and former CitiGroup CEO Vikram Pandit backs the company.

Media Contact:
Tracey Koblick
JCUTLER media group
323-969-9904
[email protected]

SOURCE Fundbox

Related Links

http://www.fundbox.com