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Fundbox
– 932 – VisitsProduct Name: Fundbox
Fundbox, a tech company, helps small business owners overcome occasional short-term cash flow gaps by advancing payments for their outstanding invoices. Its primary tool plugs into a company’s existing accounting software and assesses each invoice before utilizing a proprietary algorithm to build a risk profile of each transaction, the business in question, and its market. If accepted, Fundbox underwrites the invoice in 50 seconds and deposits its value in a company’s bank account the next business day with a payback period of 12 weeks. Launched in January 2013, the users’ weekly payments are calculated by adding 1/12 of the invoice value plus a small fee of approximately 0.5% of the same.
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