Fundbox raises $17.5 million to make sure businesses get paid
Fundbox is a startup that recently exited stealth mode to offer services that has the ability to pay small and medium sized businesses for their invoices within a day. Fundbox has raised $17.5 million in funding led by Khosla Ventures. Other investors that participated in this round include Vikram Pandit, SV Angel, Tom Glocer, Mark Britto, Shlomo Kramer, Emil Michael, David Krell, and Jay Mandelbaum.
Fundbox compiles a lot of data to determine if it is a smart move to instantly pay that invoice immediately on behalf of someone else. The greater the risk, the higher the business has to pay to use Fundbox.
Fundbox analyzes data from accounting software like Quickbooks, Xero, and Freshbooks.
Fundbox started last year and has thousands of customers today. The company now has 20 employees and should have 40 by the end of the year.