SAN FRANCISCO, May 17, 2018 /PRNewswire/ -- Today, Fundbox, the small business growth company, announced an integration with Eventbrite that gives event creators across the United States access to Fundbox's credit solution.
Growing Industry And Financial Needs
The power of live events is undeniable, especially in the eyes of U.S. brands. According to a U.S. Bureau of Labor report, the event industry is predicted to grow by 44% from 2010 to 2020. Statista has reported that 79% of US marketers generate sales using event marketing. In addition, a recent EMI report stated that 79% of brands say they will execute more event and experiential programs this year compared to last. As the event industry continues to grow, so do the financial needs associated with event marketing activations.
Beyond deposits for venues, entertainment and catering, event organizers are investing large sums of money into pre-event marketing to ensure that their live events are well attended. This means that between deposits and pre-event promotions, event organizers need on-demand access to funds in advance of each planned event in order to ensure optimal results. Now with Fundbox, qualified Eventbrite customers can quickly access event financing right from within their Eventbrite workflow.
How Fundbox Works With Eventbrite
To start with Fundbox, Eventbrite customers simply select the Fundbox extension located in the Eventbrite extensions marketplace and install it to their Eventbrite account. Once installed, Eventbrite customers utilize the Fundbox extension to connect their business bank account with just a few clicks, all without leaving Eventbrite. Within minutes, Fundbox renders a credit decision and, if approved, makes funds available as soon as the next business day.
The mission of Fundbox is to democratize access to credit by leveraging the company's unique data-driven approach for assessing credit risk. Fundbox does this by analyzing the transactional data surrounding a small business, accessed via accounting software or a business bank account. Simple to use with no front-end fees, Fundbox offers transparent financing where customers only pay for the credit they use and not a cent more.
"We're excited to welcome Fundbox into our partner community as an option for event creators who require additional capital to grow their business," said Gilad Horev, Vice President of Platform Product at Eventbrite. "With this integration, event creators of all sizes can connect Fundbox to their Eventbrite account, and leverage their historical sales data to qualify for a loan that they can use to reserve a larger venue, hire more staff or reach more attendees."
"At Fundbox, we are committed to reducing any unnecessary financial friction that can disrupt or prevent event creators from reaching their goals," said Sasha Dobrolioubov, Senior Manager of Business Development for Fundbox. "One way we can help avoid disruption is by bringing our credit services directly to any event organizers' point of need. Now, any Eventbrite customer who might need to tap into a business line of credit will have convenient access to Fundbox from within Eventbrite. If there are any unanticipated expenses, Fundbox can provide short-term financing with a click of a button."
Our mission at Fundbox is to simplify and improve the way that small businesses pay and get paid. The company uses cutting-edge technology, data science, and common sense to give small businesses greater access and choice to financial solutions that are intuitive, fast, and transparent so the business owner can remain focused on running their business. Fundbox provides credit limits up to $100,000 and can transfer funds as soon as the next business day. Because of us, small businesses across the U.S. have more control over their finances and are better able to succeed and grow.
Fundbox is funded by 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. Fundbox was recognized as a Billion Dollar-Startup to watch in 2017 by Forbes. For more information, please visit fundbox.com.
Eventbrite is the world's largest ticketing and event technology platform. The company, which has processed $10 billion in gross ticket sales since inception, powered millions of events in 180 countries and territories in 2017. The Eventbrite platform enabled hundreds of thousands of event creators to bring a variety of live experiences to life for more than 50 million fans in 2017 - with cost-effective, impactful tools, technology, and services. Eventbrite has acquired eight companies, including music ticketing powerhouses, Ticketfly and Ticketscript, to further solidify a fierce commitment to the independent live music scene. Customers include Tribeca Film Festival, Newport Folk and Jazz Festivals, Pitchfork Music Festival, and Wanderlust, in addition to top venues and promoters that include Bowery Ballroom, the Brooklyn Bowl, Merriweather Post Pavilion, and The Troubadour. Eventbrite was founded in 2006 by Julia Hartz, Kevin Hartz, and Renaud Visage. Investors include Sequoia Capital, Tiger Global and T. Rowe Price. Learn more at www.eventbrite.com.
Tim Donovan, Corporate Communications