Log In FreshBooks and Fundbox Take Outstanding Invoices and Put Money in the Bank
Fundbox financing solution provides FreshBooks users with cash flow flexibility to run day-to-day operations.
TORONTO, CANADA – May 28th, 2014
FreshBooks, the #1 cloud-accounting solution designed exclusively for small business owners, and Fundbox, the data-driven risk engine built to accelerate cash flow, today announced that the companies have partnered to deliver a seamless financing experience for small business owners. FreshBooks users can obtain short-term financing from Fundbox based on outstanding invoices, increasing cash flow flexibility within their business.
“Freelancers, entrepreneurs and small business owners are grossly underserved,” said Mike McDerment, CEO and co-founder, FreshBooks. “These people represent tens of billions of dollars in the FreshBooks economy, yet it’s nearly impossible for them to access capital for their businesses through traditional means. Thanks to our partnership with Fundbox, our customers have a way to access the funds they need to operate their business with consistent cash flow.”
FreshBooks users can easily create a Fundbox account and connect it using their FreshBooks account credentials. Once connected, the business owner can select an invoice using the “clear this invoice” button. This prompts the Fundbox system to assess and clear the invoice, depositing the funds into the business owner’s bank account within 24 hours.
Hundreds of FreshBooks customers have already taken advantage of the FreshBooks-Fundbox solution for short-term financing needs. FreshBooks customers in the United States with at least six months of invoice activity in their account may be eligible for an advance payment on selected invoices owed. With no set-up fees, hidden fees or penalties for early repayment.
“Fundbox and FreshBooks have made my life so much easier by improving my cash flow issues,” said Joseph Robinson, Sketch Media Group and FreshBooks customer. “Receiving the funds I need, when I need them, has allowed me to offer the best service I can for my clients without having to put my finances on hold while doing it.”
Traditional lending sources like banks and credit cards require piles of paperwork, lengthy processing times, and often look at the small business owner’s personal credit rather than the financial health of the business. These same business owners are reluctant to build their businesses on the backs of traditional credit cards with high interest rates and hidden fees. With Fundbox, small businesses enjoy a higher approval rate, with credit based specifically on the financial health of the business and outstanding invoices for work completed.
“FreshBooks and Fundbox share a commitment to leveraging advanced technology to speed up and simplify processes that have hampered small business growth in the past. Making Fundbox available to the FreshBooks community is a step forward in how we help small businesses stay focused on their business,” said Eyal Shinar, founder and CEO, Fundbox. “We make it easier for small businesses to operate, and give them the control and flexibility to respond to short-term cash flow needs with easy-to-use financing.”
FreshBooks users can take advantage of the Fundbox integration today. Visit fundbox.com/partner/freshbooks.
About FreshBooks
FreshBooks is the #1 cloud accounting solution designed exclusively for small business owners. To date, the company has helped more than 5 million people collect billions of dollars through easy-to-use invoicing, expense management and time tracking. The company’s mantra is “execute extraordinary experiences everyday” and this is recognized by industry awards including the gold 2013 and 2014 Stevie Award for front line customer service, the 2013 IXDA Award for iPhone design, and Webby finalist for best mobile productivity app. Based in Toronto, Canada, FreshBooks serves paying customers in over 120 countries. FreshBooks.com
About Fundbox
Fundbox leverages deep data analytics to accelerate cash flow and clear invoices for small business. The Fundbox risk engine taps into numerous data signals within its network to assess customers and invoices for risk automatically and instantly, allowing small businesses to choose which invoices to clear with a single click. Fundbox was founded in 2012 and is backed by leading Silicon Valley entrepreneurs, finance veterans, and venture capitalists including Khosla Ventures, SV Angels, and former CitiGroup CEO Vikram Pandit.
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