SAN FRANCISCO, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Fundbox, a leading embedded capital platform for SMBs, announces a new credit facility with Cross River, a technology infrastructure provider that offers embedded financial solutions, and Waterfall Asset Management, a global alternative investment advisor. The agreement brings Fundbox’s total annual origination capacity to over $2B, including existing capacity.
The financing facilities will support Fundbox’s mission to empower the SMB economy by meeting the working capital needs of small businesses, primarily through embedded experiences in the tools they use every day. Fundbox’s cross-platform data sharing and cutting-edge underwriting technology enable SMB platforms to offer capital to their customers right within their products. The backing of Cross River and Waterfall will further enable Fundbox to develop innovative products to help platform partners deliver the funding their small business customers need.
“Small businesses need capital more than ever before. The number of US small businesses grew 3x the rate of the US consumer population in the last decade, while bank funding for SMBs has fallen 15% year-over-year,” said Renuka Nayani, Fundbox CFO. “Credit capacity from Cross River and Waterfall help ensure we are well-capitalized to meet this need. We are thrilled to work with these established institutions to help close the trillion-dollar gap in small business funding.”
Full story below: