FundBox Review in Numbers: 2022 Updated

 

💰 Loan Amount	$1,000 to $100,000
💸 Loan Term	3 to 6 months
⛔ Unsecured?	Unsecured line of credit ‘Fundbox Net Terms’ secured by customer invoice
⌚ Requirements	No specific business requirements, just US registered and a personal credit score over 500
⭐ Client Reviews	94%
🌐 Website:	Fundbox.com
🌝 Easy to Apply:	Yes
📃 Required:	Basic personal details Business’ annual revenue Years in business Provide invoices
💳 Minimal Interest Rates	4.66%
💌 Online Feedback:	4.7 / 5 Trust Score on TrustPilot
🏆 Awards and Recognition:	2018 Best Overall Business Lending Company by FinTech Breakthrough The Prestigious Israeli Atlas Award For Best Fintech Startup In the 250 Top Fintech Startups by CB Insights

Credibility & Company Story

How Fundbox Started

Fundbox doesn’t detail their history, progress or beginnings much. What we do know is that they were founded in 2013 by Tomer Michaeli, Yuval Ariav and Eyal Shinar. Being a San Francisco fintech, they leveraged the use of Machine Learnings and Big Data to help push the boundaries on their cash flow solutions.

The idea for the company was inspired by Shinar’s mother, who was getting behind with payments at her Israeli Employment Agency business. It’s no surprise then that FundBox’s second office is in Tel Aviv-Yafo, in Israel.

The company operated for one year privately, until it was made open to the public in 2014, as well having raised $17.5m during this time (Series A Funding). In total, there have been 3 rounds of funding, in which the total amount they have raised is $433.5m.

How did Fundbox Grow its Presence in the Market?

Fundbox has helped tens of thousands of companies so far. Its growth is down to a couple of main factors. Firstly, it’s an extremely inviting platform. There are no application fees, it’s a quick process and their services are very clear. Secondly, they offer 100% of invoices, something many companies do not. Although they’re not the cheapest, they’ve remained competitive. Thirdly, their use of predictive modeling has been at the core of their risk assessment and offering fair credit lines. Finally, their branding is on point: a bright, clear, funky website that oozes “fintech startup”.

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Leading Private Investors in Fundbox

A year after being founded in 2014, FunBox raised $17.5m in its first round of investments. A year later, there was another round. Finally, in 2019, their third round of funding took place — which raised $176m as a Late Stage Venture. Below is a list of the investors involved in funding Fundbox.

Khosla Ventures

SPARK CAPITAL

BEZOS EXPEDITIONS

BLUMBERG CAPITAL

Allianz

HOOPP

9YARDS CAPITAL

Hamilton Lane

Synchrony

GMO Venture Partners

ARBOR

MUFG

HarbourVest

Cathay Innovation

SEB

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In Detail: What Fundbox Does

Eyal Shinar, CEO of FunBox, states clearly what Funbox exists for. “We’re building a credit and payments network for the future of business, helping them solve the uncertainty of credit decisions and the speed of B2B payments.”

Businesses can get a line of credit between the amounts of $1,000 and $100,000 or apply for ‘Fundbox Net Terms’ which is their invoice financing product and also available up to $100k. If you’re not offered much early on, don’t fret. Fundbox regularly re-assesses accounts, and the credit limit can be frequently adjusted to represent your growth.

Whilst it’s not a huge amount of credit available,  ‘Fundbox Net Terms’ allows you to access 100% of the invoices from your receivables financing. Most invoice financing solutions don’t do this, as they hold 10% to 20% in reserve, only to release it after the invoices are paid. This makes it an excellent solution for SMEs who naturally have invoices under $100k. Businesses can access capital for up to 60-day payment terms on their outstanding invoices. Crucially, Fundbox does not insist on managing the accounts receivable process on your behalf either, you can maintain your customer relationships, they simply pay your invoice when due on day 30 / day 60 to Fundbox.

The term lengths on the Fundbox line of credit range between 3 to 6 months, making this very much a short-term financing solution. There are late payment fees, and of course the interest rate (which isn’t the same for everyone).

Upon signing up, Fundbox’s machine learning algorithms will churn through your invoices and imported bank accounts to really get to understand the ins and outs of your business. This will help to determine either your line of credit or invoice finance facility.

Whilst many of Fundbox’s competitors have a range of products, Fundbox tends to be very niche and specific in its two-product business model.

Behind the scenes

The company uses a lot of predictive modeling, fueled by Big Data analytics, to help optimize the cash flow of small businesses with outstanding invoices. Thus, Fundbox is more than just a small business loan company. They specialize in helping B2B companies optimize cash flow, smoothing it over so that accounts receivables are far less of a problem. This steady streamline of cash flow, instead of coming in waves with intermittent dry periods, gives businesses consistency and certainty.

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Fundbox Business Loans Client Reviews

TrustPilot: 1,758 reviews, 91% ‘Excellent’, 6% ‘Great’ and only 2% ‘Bad’ — 4.7 / 5.

The Feedback:

There are mostly only positive Fundbox reviews to be found online, so here are just a select few:

“Very convenient and easy to use”

“This is the best company I have ever worked with. Thank you for everything!”

“Fundbox has been instrumental in our business as we develop and grow. Furthermore, when you call, they pick up right away… and the staff has always been amazing. A pleasure to work with!”

Analysis of Client Reviews:

There is a wealthy amount of Fundbox reviews online — 1,758 is more than enough to paint a picture. It’s even more staggering that only 2% of the Fundbox reviews were negative. This is a great indicator that they have good, friendly customer service, a transparent lending process, and are reliable and easy-to-use.

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Fundbox.com Website Review

 

Fundbox has certainly not taken any shortcuts on their website design. The typography, design, color palette and copywriting are all captivating.

There is some criticism in terms of substance, though. The navigation is long-page designed, which can be distracting (and lacks information). They also don’t have much on their About Us page, and finding their FAQ page takes some searching (plus there are only 8 questions on there).

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Fundbox Loan Compatibility

Startup: It’s possible to only provide only 2 – 3 months of bank account transactions

Bad Credit: You must have a personal credit rating of 500 or higher

Sole Trader: You must be an established business with a business checking account

Established Business: Fundbox may not have a large enough credit amount to accommodate large businesses

FunBox Short Review

Fundbox has a service that most customers are extremely happy with — this is what matters most. Whilst it may not be the cheapest on the market and it may not offer huge borrowing amounts (capped at $100,000), it’s a very good option if you have a less-than-perfect credit score. It’s easy to use, it’s automated well, and it offers 100% of invoice amounts. Fundbox falls short however for companies who want a large or a long-term loan, as the max is $100,000 and 6 months respectively.

Submit an Expedited Application to Fundbox the link below.

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