• Fundbox’s Series C Funding Round raises US$330 million
• Fundbox will use the new funds to further accelerate the growth of its B2B business
• The fifth transaction in the Fintech sector increases Allianz’s footprint and support of digital businesses
Munich, 24th September, 2019 – Allianz X, the digital investment unit of the Allianz Group, announced today an investment in the US-American B2B platform Fundbox as part of a Series C financing round. Headquartered in San Francisco, Fundbox deploys big data analytics, engineering, and predictive modelling to help small businesses optimize their cash flows with outstanding invoices.
The investment in Fundbox is Allianz X’s fifth transaction in the Fintech sector. The Allianz X portfolio already includes Wealthsimple, N26, C2FO and the Gojek digital platform.
The Series C round was oversubscribed and raised US$180 million in growth funding for Fundbox. Additionally, the company secured a US$150 million line of credit. Fundbox will use the new funds to further accelerate the growth of its B2B business.
“Fundbox has demonstrated a track record of success in the competitive B2B Fintech market by building the first payment and credit network,” said Nazim Cetin, CEO of Allianz X. “Our investment underscores the belief that Fundbox will continue setting itself apart in e-commerce by employing technologies that allow corporate customers to focus on growing their business. We look forward to collaborating with Fundbox and supporting its continued growth in an expanding US$21 trillion market.”
Founded in 2013, Fundbox uses machine learning models as part of its credit-decision process.
“Currently, the growth of many smaller companies is hampered by uncertain cash flows and outdated payment systems,” said Eyal Shinar, Founder and CEO of Fundbox. “Business owners who do not know when outstanding invoices will be paid may have to forego or postpone important investments for their business. This is where our solutions come in. These enable payment management to be optimized on the basis of rapid risk decisions and flexible options. This gives companies more planning security in terms of liquidity and investments. The successful financing round shows that we are on the right track and in a position to further expand our
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