Leading US invoice finance solution Fundbox launches mobile app for businesses.
Fundbox has launched a new app, allowing small business owners to manage their cash flows on the move. Fundbox is a selective invoice finance provider which is backed by Spark Capital, Bezos Expeditions and General Catalyst Partners. The company relies on advanced data science and analytics in order to assess risk and advance funds to customers both quickly and efficiently. Fundbox has underwritten over 39 million invoices for more than 30,000 small businesses in the US to date.
The platform’s new iOS mobile app will allow customers to apply for funding against outstanding invoices while away from the office. The app provides users with the same core features that are available on the web-based dashboard. The Fundbox app is synced with a business' existing accounting software (such as Xero, or Sage), providing users with both an oversight of their cash flows and the ability to plug anticipated gaps.
Prashant Fuloria, chief product officer at Fundbox, said: “Our mission has always been to empower small businesses with an easy and convenient way to close their cash flow gaps. Mobile use is the new norm, and our app offers a more streamlined experience for small business owners to manage their business finances when working outside of the office or away from their computer, through this natural touch point.”
Fundbox is not alone in having ventured down the app route. OnDeck launched a borrower facing app in July 2015, while the UK’s Just Cash Flow PLC followed suit in March of this year. It would appear that these apps are most popular among short-term business lending platforms, most likely because they’re primarily useful as a means of flagging cash flow gaps – the very kinds of gaps that short term lenders like Fundbox are designed fill.
We've posted some images of the Fundbox app in action below.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.