Fundbox Ltd was founded in 2012 and started offering its product in 2014 with a niche business model of providing advances on outstanding invoices to businesses and freelancers. One of the company's founders, Eyal Shinar, came up with the idea for Fundbox after he watched his mother struggle with cash flow in her staffing business in Israel. Fundbox's goal is to help small businesses maintain adequate cash flow by reducing the wait time for customers to pay invoices. The company also offers lines of credit options. Fundbox aims to address a more narrow and immediate need: paying business owners for the work they've already done.
If you're looking to fund a growth investment or business expense, you know how limited that window of opportunity can be. A slow credit decision process or delayed transfer of funds could make or break that crucial inventory purchase or marketing launch you have planned. Fundbox has designed a simple process that gives you a credit decision in under three minutes (based on the median decision time for Fundbox customers), allowing you to make faster, smarter financial decisions with your limited time. The process is:
According to the company's website, business owners need the following to apply:
Fundbox underwrites Direct Draw business loans--which go up to $100,000--using your business bank account transactions and other business data sources, and determines your eligibility and fee based on that data. Your personal credit score is just one small piece of the equation, and there is not a hard pull until you decide to draw funds, so there is no risk to your score until you've seen your credit limit.
Fundbox makes it easy to use your funds how you want. Stay in control with transparent pricing and funds that you can use for your business, however you see fit. Decide how much you want to draw and choose a 12- or 24-week repayment term. From there:
Currently, Fundbox only offers advances to businesses registered in the United States. The company also will not advance funds for outstanding invoices that are in a foreign currency or are being billed to international clients.
Fundbox offers 12- and 24-week repayment plans. While these terms work well for quicker business investments or expenses, they are not usually suited for longer-term financing needs.
Fundbox's flat fees vary from business to business depending on the amount you draw, the payment plan you select, and other factors. You will always be able to see the full cost before you confirm a draw.
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My experience with FundBox has been incredible, from the first contact to getting funded. With the integration into our QuickBooks account, the process is so simple because they have access to your cashflow snapshot. Plus no early payment penalties. I highly recommend them.
The employees are super friendly and I absolutely love their funding structure