Small businesses often find that unpaid invoices hinder their opportunities for growth and a lack of cash flow can throw the whole system off. A late bill can disrupt payroll, the purchasing of inventory and also takes away time from the operation of a business.
Attempting to solve this problem is Fundbox, which is an alternative lending provider aimed at the small business market. On April 10th, Fundbox raised $17.5 million in Series A funding led by Khosla Ventures. The company focuses on the B2B space where companies use invoices for goods and services. The platform scans accounts receivables and provides small, short-term loans based on the invoices. A data-driven SMB risk engine funds the technology behind Fundbox, an algorithm that scans an number of data points for lending risk signals in real time.
David Weiden, Partner at Khosla Ventures said that “Fundbox leverages newly available cloud services and deep data science to deliver financial services that simply were not possible before, and that’s the kind of disruption that can really affect an industry and build a great company.”
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