Israeli fintech company Fundbox has announced that it has raised $176 million in growth equity funding for its Series C round. The company also announced that it has secured a $150 million credit facility.
Fundbox has developed B2B payments and a credit network designed to facilitate and accelerate B2B commerce at scale. Fundbox will use these new investments to transform the B2B payments and credit experience by making transactions simple, fast and transparent so businesses will have greater cash flow predictability.
The Series C round was oversubscribed and investors included Allianz X, Healthcare of Ontario Pension Plan (HOOPP), HarbourVest, 9Yards Capital, Hamilton Lane, SEB Private Equity (on behalf of clients), Cathay Innovation, Synchrony Financial, MUFG Innovation Partners Co., Ltd., Recruit Strategic Partners, GMO Internet Group, and Arbor Ventures, as well as participation from the major existing Fundbox investors including Khosla Ventures, General Catalyst and Spark Capital Growth.
With offices in San Francisco and Tel Aviv, Fundbox has now also opened an office in Dallas. Over the last year, Fundbox has recruited 100 employees, and now has 250 employees, and the company plans to hire 80 more to expand its development and data departments.
Fundbox CEO and founder Eyal Shinar said, "The status quo for B2B transactions is uncertain cash flow and antiquated payment systems, which stifles business growth. If you’re a business owner and don’t know when you’re getting paid next or whether you have the funds to complete a transaction, you lose valuable time and important business opportunities. The remedy to this uncertainty is the ability to facilitate quick risk decisions, faster payments, and more flexible terms so our customers have greater predictability related to their revenue and cash flow. This new investment round validates the market opportunity and that our team is on the right path as we continue to focus on transforming B2B commerce for the better."
Published by Globes, Israel business news - en.globes.co.il - on September 24, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019