Fundbox Reviews

9.3

Overall

9.3/10

Funding Speed

9.6/10

Advance Amount and Fees

9.8/10

Transparency & Reputation

9.6/10

Service and Support

8.2/10

Pros

  • Finances invoices for both individuals & small businesses
  • Approved invoices advanced 100% of face value
  • Syncs with accounting software like Quickbooks
  • Transparent
  • No minimum credit scores

Cons

  • If using accounting software, must have six months of billing records before funding
  • No collection services
  • Transactions are full-recourse (you must reimburse Fundbox if your customer doesn’t pay)

Fundbox Reviews

See above info for Fundbox Reviews. If you are a current or former Fundbox customer, we’d like to hear from you. How was your experience with Fundbox and/or the Fundbox Pay products? What accounting software platform did you use? Are you a repeat Fundbox customer?

Fundbox provides capital for small businesses and individuals. On the small business side, Fundbox customers include B2B enterprises in the construction, trucking, temporary staffing and commercial cleaning industries often wait 30, 60 or even 90 days for payment.

For individuals, typically freelancers, it can be even worse. Promptly paying freelancers is low on the priority list of many corporations. Invoice financing is a way to unlock the cash tied up in accounts receivable so you can pay bills and enjoy the financial independence that freelancing can provide.

How is Fundbox Different from other Factoring Companies?

The most glaring difference is that Fundbox services individuals and B2C (business-to-consumer) entities. Most factoring companies only service B2B or B2G (government) ventures.

Fundbox is a financial technology (fintech) company that is disrupting the factoring and asset based lending industries. With its data analytics capabilities, Fundbox handles funding requests much faster than traditional lenders. As long as your credit needs don’t exceed $100,000 and you’ve been in business for 6 months, you can use Fundbox’s services.  

Also, Fundbox isn’t technically factoring invoices (i.e. selling the receivables to a third-party at a discount). Instead, they use the outstanding invoices as collateral and advance capital against them. Although often used interchangeably, invoice financing and factoring are actually quite different.

Fundbox is constantly pushing their R&D when it comes to helping SMB entities with trade credit issues. They collaborated with online resource, Payments, to better understand how cash flow deficiencies affect businesses by both size and operating margin. This is next-level consulting Fundbox that customers enjoy.*

(November 19, 2019 Update)

This past September, Fundbox completed a $176 million, Series C Funding round that included investments by new partners Allianz X and HarbourVest and existing investors including Khosla Ventures.

With the financial backing of some of its investors, the company mainly provides working capital through its small business lines of credit product. But the company’s longer-term vision is to create a “Visa-like payments network” between B2b entities.1 It’s a Herculean task to say the least but the payoff could be massive.

In an interview with TechCrunch, Fundbox CEO Eyal Sheyer revealed that $3 trillion is locked up in [currently unpaid B2B] invoices.2 This won’t be easy, but if anyone can accomplish the feat, it’s Fundbox, which is why we have them ranked so high in our scoring system.

How to get Started with Fundbox?

Getting started with Fundbox couldn’t be easier. Setting up an account can be done in under a minute and funding decisions are made by Fundbox within three minutes.* Once approved, Fundbox advances 100% of the invoice, not the 80-90% typical with factoring. You can even check the status of your invoices from their user-friendly app.

The Fundbox platform supports roughly 12,000 banks and financial institutions, including credit unions. Once you link your Fundbox account to a bank or accounting software, Fundbox will let you know if, and the amount of, credit they will extend based on an analysis of your transaction history.  Fundbox competes for small business financing needs with companies like Lendio, Kabbage loans, Bluevine and Ondeck Capital.

See how we scored these competitors in our (Kabbage reviews, Lendio reviews, Bluevine reviews and Ondeck reviews).

Fundbox Pros and Cons

In addition to the Fundbox reviews above, we summed up the pros and cons:

Main Pros:

  • Finances invoices for both individuals and small businesses
  •  Advanced 100% of the value of approved invoices
  • Syncs with popular accounting software such as QuickBooks
  • Transparent- customers see exactly what they’ll be charged prior to funding
  • No Minimum Credit Scores

Main Cons

  • If you utilize accounting software, you must have 6-months of billing in your accounting software
  • Transactions are full-recourse (you must reimburse Fundbox if your customer doesn’t pay)
  • No collection services

 For more information on Fundbox:

Who uses Fundbox?

Where does Fundbox capital come from?

Do they offer specialty funding options?

As a fintech, does Fundbox provide customer support?

 

*https://www.pymnts.com/news/b2b-payments/2019/report-the-reason-48-pct-of-high-margin-smbs-pay-suppliers-late/

1,2https://techcrunch.com/2019/09/24/fundbox-raises-176-million-series-c-to-build-visa-for-b2b-payments/

Information was crowdsourced.