San Francisco, CA, Jan. 25, 2019 (GLOBE NEWSWIRE) -- Today Fundbox, a leading financial technology company dedicated to simplifying the way businesses pay and get paid, announced the expansion of the company’s rapidly-growing business capital platform with a new e-commerce checkout feature.
As online commerce continues moving at the speed of light, B2B businesses can no longer remain hostage to latent asynchronous transactions caused by paper checks, invoices and extended terms which disrupt cash flow, delay business deals, and impede accelerated growth. After analyzing data from the company’s proprietary business graph, Fundbox found that the average small to medium-sized company has 24% of its monthly revenue tied up in accounts receivable, terms, or trade credit.
"Fundbox has a legacy of creating breakthrough solutions for businesses in the U.S.,” said Prashant Fuloria, COO of Fundbox. “With checkout capabilities for Fundbox Pay, customers now have more ways than ever to tap into their Fundbox credit, and partners have new ways to contextualize access to credit in their workflows. This marks our evolution from a product-centric company to a platform-centric company."
Qualify. Transact. Grow.
Forrester Research estimated in a 2017 report, “that U.S. business-to-business (B2B) e-commerce transactions will reach $1.2 trillion by 2021. This accounts for more than 13% of all B2B sales within the United States (up from the $889 billion in sales by the end of last year).”
In order to capture this enormous opportunity, B2B companies need to take the guessing game out of their ability to buy or sell products and services. That’s why Fundbox has created a platform that combines faster-automated credit decisions at the point of need with the certainty of sellers getting paid and better terms for buyers.
In less than 3 minutes, Fundbox can deliver a credit decision. This means that both the buyer and the seller can quickly move to capture important business opportunities as they happen, instead of having to wait.
Fundbox helps to expedite B2B transactions by uniting real-time risk assessment with on-demand access to capital at the moment of transaction, much like the B2C commerce experiences that consumers have grown accustomed to.
For B2B buyers, a credit decision in under 3 minutes—followed by swift access to capital for those who are approved—means greater confidence to make faster decisions when business opportunities arise. And for B2B sellers, Fundbox unlocks the valuable cash flow that would otherwise be tied up with outstanding invoices in accounts receivable.
And, because Fundbox assumes the credit risk, B2B sellers can do more selling without having to worry about new buyer risk profiles. Fundbox Pay is truly the first business capital platform that accelerates B2B commerce by integrating risk-assessment with approved on-demand capital at the point-of-transaction. Fundbox customers say Pay Checkout has been a “game-changer” that removes transactional friction between buyers and sellers.
For example, Fitzroy, which is an online wholesale marketplace connecting brands with retailers, has integrated Fundbox Pay into the company’s checkout flow. This integration now gives retail buyers on-demand access to capital with more advantageous terms that work better for their credit needs and cash flow.
"At Fitzroy, we've expanded on the unique value proposition that we already offer each side of our B2B wholesale marketplace through the introduction of a terms program built on the Fundbox Pay in-checkout payment technology. We've been rethinking how retailers discover for their stores and brands scale their specialty sales since day one, and by partnering with Fundbox, we're able to take the next step in making wholesale modern, easy, and fun by applying that thinking to payments," said Stefanie Botelho, Founder of Fitzroy. "Leveraging Fundbox Pay, we completely eliminate the lending risk for our brands and empower our retailers to purchase smarter by giving them access to extended terms that are unparalleled in our industry. Our customers are able to buy the inventory they need, when they need it, to grow."
About Fundbox
Fundbox is a leading technology platform focused on disrupting the $21 trillion B2B commerce market by building the world’s first B2B credit and payment network. With Fundbox, sellers (of all sizes) can quickly increase average order volumes (AOV) and improve close rates by offering more competitive net terms and payment plans to their SMB buyers. With heavy investments in machine learning and the ability to accurately assess credit risk in a matter of minutes, Fundbox is reimaging B2B credit and payments products in new category-defining ways.
Since the company’s founding in 2013, Fundbox has raised $140 million from a blue-chip group of investors led by Khosla Ventures, General Catalyst, Spark Growth Capital and Jeff Bezos, and is currently experiencing incredible growth momentum.
For more information, please visit www.fundbox.com.
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