Fundbox Founder Steps Aside As CEO

Fundbox Founder Eyal Shinar is moving over from his CEO role to become the B2B credit-and-payments company’s executive chairman. Prashant Fuloria, currently Fundbox’s chief operating officer, will step up to the post of CEO.

The company is headquartered in San Francisco.

In a website announcement, Shinar said he would “pretty much continue to do what” he’s been doing. That means focusing “on company strategy, corporate and business development, strategic relationships and board activities.”

He said in the release: “I am not going anywhere and will remain a full-time employee of Fundbox.” With the new role, Shinar will have “fewer direct reports and (be) focusing more time on strategy and the future of the company.”

Shinar said the move “shouldn’t come as a huge surprise to those close to the company,” because the changed job titles reflect how the work has been getting done over the last six months.

In addition, Shinar said Fundbox is adding Melissa Guzy of Arbor Ventures. He said Guzy “brings more than 30 years of experience as an entrepreneur and FinTech venture investor” and a deep experience with Asian businesses.

In January, Fundbox named Marten Abrahamsen as its new CFO, indicating that the company is going to aggressively push for growth this year.

Shinar said that when Fundbox was founded seven years ago, “access to credit for small businesses was sparse, and, where available, cumbersome and stifling.” To fill that need, he said Fundbox harnessed technology “to do it better and faster than anyone else.” Shinar added that Fundbox today is better-positioned than any other FinTech out there “to reach the next level.”

In a May PYMNTS interview, Shinar talked about how small and medium-sized businesses (SMBs) must confront the challenge of slow payments after the coronavirus crashed much of the world’s economy. He said that Fundbox’s B2B payment and credit network could improve the operations of a $21 trillion ecosystem with net terms and payment plans for approved SMBs.