Fundbox, a small business embedded working capital platform, announced today that it has partnered with Galileo Financial Technologies, an open API platform that enables unique and differentiated financial solutions, and MetaBank®, N.A., a leading economic empowerment company, to accelerate its product roadmap and bring innovative products to market. In addition, jin Hwang, who most recently served as Head of Product - Platform at Marcus by Goldman Sachs and previously led the product team at Intuit QuickBooks Capital, has been appointed as Fundbox's new Chief Product Officer.
Fundbox's collaboration with two leading fintech infrastructure companies, as well as the appointment of a Chief Product Officer, are part of a larger effort to expand its working capital platform. Fundbox has seen significant growth and rapid adoption of the product, with payment volume increasing by more than 80% quarter over quarter, and the median active customer using it more than five times per month for applications such as payroll, inventory, and rent.
Fundbox solutions are available to business owners through embedded experiences with business systems and accounting solutions, as well as directly through the Fundbox website and mobile app. Fundbox's platform has enabled access to over $3 billion in working capital and has connected with half a million businesses.
“Our new partnership with Galileo and MetaBank enables us to expand and scale payment offerings on our platform, We will introduce a number of new Flex Pay capabilities later this year, including a bill pay functionality where customers can make fast and easy payments to third party merchants on the platform.”
-Prashant Fuloria, CEO of Fundbox.