Fundbox Increases Speed of B2B Transactions
At the end of last week, Fundbox announced that it has launched an AI-enabled platform for B2B companies at the point of transaction, or check out.
“We’re positioning ourselves to be the PayPal for B2B transactions,” a company spokesperson, Tim Donovan, told deBanked. “And that means becoming as ubiquitous as finding Visa, Amex or PayPal in a B2C checkout flow.”
As part of this new e-commerce feature, Fundox can underwrite companies looking to make a purchase in as fast as 45 seconds, Donovan said. And sellers get paid right away. This, of course, is a boon for sellers, who often must wait to get paid. (Fundbox takes on the risk of potentially not getting paid.) For buyers, Fundbox’s terms are generally better compared to using a credit card, Donovan said. As long as the buyer’s credit is approved, they can purchase inventory on an online platform within 3 minutes.
“This [new feature] marks our evolution from a product-centric company to a platform-centric company,” said Prashant Fuloria, COO of Fundbox.
Fundbox offers a number of small business products including small business loans, factoring and lines of credit. Fundbox is partnered with larger companies like Eventbrite, for event organizing, and QuickBooks, for accounting, to help lend to small businesses that use these platforms.Last modified: January 29, 2019
Todd Stone is a reporter for deBanked.