Fundbox Fuse Cash Advance One Click Away
After having provided US companies with access to credit facilities, Fundbox takes their development one step further. This FinTech now proposes credit-integration services for SaaS business providers, in the hope that they might come across as actual partners for invoicing companies willing to enhance their range of offers.
Fundbox proposes a cash advance platform for SMEs. These companies have to specify their identification and invoicing data online. The start-up then relies on its own algorithms for real time verification as to this information’s reliability. The cash advance can then be drawn almost instantly if approval is granted. SMEs have 12 to 24 weeks to repay.
By way of assisting companies in managing their finances, this US start-up introduced Fundbox Fuse. Accounting software vendor’s customers can benefit from the FinTech’s service right from their interface, through clicking a “get cash” button. Application for a cash advance would then only take a few clicks. This advance works like a line of credit, backup funds the company can rely on, and building back as the customer repays.
Fundbox Fuse uses AI technology and accounting data about their customer companies and partners to handle the risk of unpaid debt. The customer’s eligibility and relevant terms for their loan can be assessed instantly. Fuse proposed to software vendors through just a few lines of code.
Comments – More APIs for the credit market
An Open banking revolution is underway in the banking industry, and it brought along a bunch of opportunities for FinTechs. Many start-ups built their offers on an API-based model. N26, for instance, relied on this principle to include a money transfer service, and Linxo proposes APIs to grow their account aggregation service.
Fundbox opted for a set of HTML code for lite integration, which does not require much work on the part of their customer vendors. They are being provided with an added-value service, and means to secure their SMEs’ loyalty. Fundbox claims they already attracted a few start-ups, and they would now be using their interface (Bookly, Paid and Knowify, for instance). Relatively similar launches have been made by the management platform Quickbooks or the French FinTech Finexkap. This trend can also be observed on the market of consumer credit, as shown by Moneyou, as they integrated SolarisBank’s API.