Fundbox, an AI-powered credit platform, has raised $100m in a Series D funding round at a valuation of $1.1bn.
Healthcare of Ontario Pension Plan (HOOPP) led the round, which was also joined by Arbor Waypoint Select Fund and a suite of BNY Mellon funds managed by Newton Investment Management North America.
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Fundbox’s existing investors such as Allianz X, Khosla Ventures, and the Private Shares Fund also joined the round.
Fundbox is focused on small businesses and offers them access to financial tools and resources.
The latest funding will support Fundbox’s plans to expand its product platform and foray into payments with the launch of Flex Pay.
The new payment offering gives small business owners access to additional payment options for business expenses.
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By GlobalDataIt also gives Fundbox Line of Credit customers three extra days to pay those expenses.
HOOPP VP Shrirang Apte said: “Fundbox’s strong performance this year speaks to the market opportunity in disrupting the highly underserved world of small business financing, which has traditionally lagged behind consumer financing innovations. As a result, Fundbox is well-positioned to unlock growth for small businesses and help support the country’s economic recovery.”
Fundbox is also working on additional financial offerings, which will be launched in 2022.
The offerings under development include a product aimed at entrepreneurs with multiple small businesses and new businesses with little or no financial history to access capital through traditional means.
Fundbox is also expanding its executive team with hires in partnerships, growth, sales and operations, and finance.
Fundbox CEO Prashant Fuloria said: “Fundbox is primed for continued growth as we approach a once-in-a-decade opportunity to drive the recovery and expansion of the small business economy. The addition of Flex Pay to our product offerings is critical as small business owners looking to utilize buy now, pay later solutions for business.”
