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Fundbox CEO: How To Fix The 'Net Terms' Economy
Fundbox CEO: How To Fix The ‘Net Terms’ Economy
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Allow us to be blunt: The B2B finance and invoice settlement system is broken.
Well, that’s not entirely true – things tend to work pretty well for the largest firms out there, as the largest buyers can basically set their own terms and essentially pay when they want. But for pretty much everyone else, it’s broken. And as Eyal…
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Best 404 pages: Fundbox
Fundbox Wants to Be PayPal for Small Businesses
Fundbox Wants to Be PayPal for Small Businesses
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Technology keeps making it easier to separate you from your money. PayPal enabled you to easily send money via the internet. Square allowed businesses to use a smartphone to accept your credit card. Apple Pay and Android Pay flipped this idea on its head and let you pay with your phone instead of a card.
Despite this innovation in how consumers can pay businesses, the way businesses pay…
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DaMajority Fresh Article https://www.damajority.com/company-raises-awareness-us-small-businesses-shouldering-825-billion-unpaid-invoices/
Company raises awareness that US small businesses are shouldering $825 billion in unpaid invoices
Fundbox Mini Doc Shines A Light On What Small Business Owners Wish They Knew When First Starting Out
Company raises awareness that US small businesses are shouldering $825 billion in unpaid invoices
SAN FRANCISCO, Nov. 24, 2017 — Today Fundbox, a leader in small business credit and payment solutions, released a new mini documentary in honor of Small Business Saturday, called “I Wish I Knew,” that features small business owners reflecting on what they wished they knew when first starting their businesses. The mini documentary can be viewed at www.fundbox.com/i-wish-i-knew
Directed by acclaimed Austin, TX filmmaker Adam Hootnick, the documentary features over 20 small business owners representing a wide range of industries including digital marketing, gourmet food trucks, architectural lighting, to custom built motorcycles.
Shot over a period of 24 hours, each business owner was asked the same question: “What is it that you wished you knew when first starting your business?” Often humorous and at times poignant, the responses ranged the gamut, from learning how to manage cash flow better, to empowering your employees to make decisions on their own, to never putting drywall behind a sink, and more. Regardless of the answers, it was clear that small business owners really love their work, even though for many, running a small business comes with its own unique set of challenges, like getting paid by customers.
One of the main objectives behind the production of this documentary was to use storytelling to bring attention to issues that impact the growth of the small business economy here in the US. For example, in November of 2016, Fundbox conducted a data analysis of over 50,000 small businesses connected through the company’s Small Business Graph, only to discover that:
The value of small business unpaid invoices (US only) is $825 billion— equivalent to 5% of U.S. GDP. [Tweet this]
It takes the average small business 21 days to get paid. [Tweet this] and lastly
81% of small business invoices are 30 days past due. [Tweet this].
Based on these and other insights, it’s clear that small business owners, even in today’s technology-enabled business environment, continue face significant challenges. These insights are concerning when you consider that when according to a 2017 SBA study 99% of all businesses in the US are small businesses and they employ over 50% of the private sector workforce. So when small businesses don’t get paid on time or at all, it directly impacts the health and wellness of the US economy.
“Our mission at Fundbox is to help small businesses to become financially independent and to grow. This is why, beyond providing access to credit-on- demand, we felt that it was important to raise awareness on issues that directly impact our customers,” said Sebastian Rymarz, Chief Business Officer at Fundbox. “We created this mini documentary to remind everyone how amazing our small business community is and, hopefully inspire companies that use the services of small businesses to pay their invoices on time.”
Fundbox has created an intuitive, on-demand credit solution specifically designed to meet the diverse funding needs of small businesses. Fundbox does not require FICO to get started and instead underwrites based on the financial health of the business. With a fully automated underwriting process, small businesses simply connect their accounting software or business bank accounts and then Fundbox does the rest. Fundbox was recently recognized as a Billion Dollar-Startup to watch in 2017 by Forbes.
Cash flow is essential for a business to operate and grow, but many small businesses find themselves in what we call 'Cash Flow Crunch'. Jordan MacAvoy of @Fundbox shares a great tip on how to overcome this by invoicing faster. Check out our video interview: - http://www.smarthustle.com/fundbox-executive-invoice-faster/?utm_campaign=coschedule&utm_source=tumblr&utm_medium=smarthustlemagazine&utm_content=Invoice%20Faster%20to%20Avoid%20Cash%20Flow%20Crunch%20Says%20FundBox%20Executive
Invoice Faster to Avoid Cash Flow Crunch Says FundBox Executive
From time to time I run into a "cash flow crunch." This is when you paid out $10,000 in expenses but invoices that are owed to you are being paid back in 30 or 90 …
Fundbox Gets Another $50 Million for Small Business Funding
Fundbox Gets Another $50 Million for Small Business Funding
Fundbox, an online site that provides small businesses with the immediate cash they need to stay afloat, has closed on another $ 50 million in funding.
This new funding arrives less than six months after the alternative lending startup announced $ 40 million series B investment.
Spark Capital Growth led the new round of funding, bringing Fundbox’s venture funding total to $ 108 million in less…
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FundBox, la startup que financia Startups
FundBox es una Startup de préstamos alternativa que realiza anticipos entre U$S 100 a U$S 25.000. La empresa está expandiéndose cada vez más para competir con los grandes del mundo de los préstamos.
Según Eyal Sinar, co-fundador y CEO de la startup, a diferencia de sus competidores, Fundbox aborda una necesidad más inmediata, el pago a los dueños de un negocio por el trabajo que ya han hecho.…
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Fundbox Looks to Streamline the $74 Trillion B2B Invoice Market
Fundbox Looks to Streamline the $74 Trillion B2B Invoice Market
Fundbox, a startup aimed at streamlining the cash flow between businesses, has raised $17.5 million in Series A funding round led by Khosla Ventures and is sporting some impressive names in the field of finance, including former Citigroup CEO Vikram Pandit. Fundbox acts as a middleman between companies, decreasing the time it takes for invoices to be cleared by fronting the money owed. The…
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