-
Online small business lender Kabbage has received $270 million in financing from institutional investors.
April 9 -
Golden Pacific Bancorp and financial technology firm Better Finance have teamed up to create an online lending program that is designed to sharply reduce the time it takes to approve and process an SBA loan.
March 28 -
The online lender is about to surpass the $1 billion mark in loans and it just received another round of venture funding that will help keep the momentum going.
March 6 -
Small-business finance firm Kabbage turns to social media metrics to size up funding applicants.
June 1 -
"Why would you not take advantage of card and account data?" wonders On Deck CEO Noah Beslow in the first in a series of six profiles of promising fintech startups.
April 12
The field of alternative small-business lenders just got a little more crowded.
Online lender Fundbox announced its official launch Thursday after securing $17.5 million in funding from a group of investors led by venture capital firm Kholsa Ventures. Like fellow startups
The company, which was founded in 2012, provides small-business owners with loans ranging from $100 to $10,000. To apply for a loan, small-business owners connect their accounting software to accounts on the company website. Customers then select the unpaid invoice for which they would like to receive a loan. Fundbox analyzes the level of risk posed by each invoice by pulling data on the small business's financial condition and customer demographics, as well as other information like the impact of seasonal patterns. Customers pay back the loans, which carry fees comparable to the interest rates charged by credit card companies, over 12 weekly installments.
Fundbox began making loans in August 2013 and has attracted a number of high-profile backers, including former Citigroup chief executive Vikram Pandit and Jay Mandelbaum, JPMorgan Chase's former head of strategy and business development.
Fundbox is one of several alternative lenders that has attracted interest from investors of late. Kabbage announced Wednesday that it has