AI powered Financial Platform Fundbox secured $100 million Series D Funding Round

Fundbox, a California based Artificial Intelligence-powered financial platform for small businesses, has recenlty secured $100 million in a Series D funding round at a valuation of $1.1 billion.

Fundbox was founded by Prashant Fuloria. It is an Artificial Intelligence financial platform that offers small businesses access to financial resources and tools. Flex Pay is designed to offer small business owners additional payment options and flexibility for the business expenses, and Fundbox Line of Credit customers now get three extra days to pay those expenses.

Shrirang Apte, VP, HOOPP, said, "Over the past two years, we’ve seen how critical small businesses are to powering the economy. At the same time, we’ve seen a rise in innovative financing approaches that have greatly impacted consumer behavior. 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 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. We remain committed to leveraging our superior AI, data-native approach, and small business insights to solve working capital needs and power the resurgence of the small business economy." 

The round was backed by the Healthcare Of Ontario Pension Plan (HOOPP), joined by Khosla Ventures, Allianz X, and the Private Shares Fund, Arbor Waypoint Select Fund and a suite of BNY Mellon Funds managed by the New Investment Management North America.

The company, as of now, has plans to use the new funds to continue to scale operations and its business outreach.