Fundbox Secures Warehouse Capacity from Cross River and Waterfall Asset Management
SAN FRANCISCO, Sept. 17, 2024 (GLOBE NEWSWIRE) — Fundbox, a leading embedded capital platform for SMBs, announces a new credit facility with Cross River, a technology infrastructure provider that offers embedded financial solutions, and Waterfall Asset Management, a global alternative investment advisor. The agreement brings Fundbox’s total annual origination capacity to over $2B, including existing capacity.
The financing facilities will support Fundbox’s mission to empower the SMB economy by meeting the working capital needs of small businesses, primarily through embedded experiences in the tools they use every day. Fundbox’s cross-platform data sharing and cutting-edge underwriting technology enable SMB platforms to offer capital to their customers right within their products. The backing of Cross River and Waterfall will further enable Fundbox to develop innovative products to help platform partners deliver the funding their small business customers need.
“Small businesses need capital more than ever before. The number of US small businesses grew 3x the rate of the US consumer population in the last decade, while bank funding for SMBs has fallen 15% year-over-year,” said Renuka Nayani, Fundbox CFO. “Credit capacity from Cross River and Waterfall help ensure we are well-capitalized to meet this need. We are thrilled to work with these established institutions to help close the trillion-dollar gap in small business funding.”
“Fundbox has steadfastly supported America’s small businesses while delivering through-the-cycle performance to its investors. We are proud to back the company’s next stage of growth with this credit facility,” said Drew Friedberg, Director of Principal Finance at Cross River. “This alliance furthers our mission to empower fintech companies and small businesses with access to credit.”
“Fundbox has demonstrated exceptional commitment to enhancing the financial landscape for small businesses. We are excited to support their continued growth and innovation,” said Nate Huebscher, Director at Waterfall. “This agreement aligns with our dedication to supporting dynamic lending solutions and fostering opportunities for small businesses to thrive.”
About Fundbox
Fundbox is the pioneer of embedded working capital solutions for SMBs, leading the charge in best-in-class embedded finance offerings since 2015. Fundbox empowers the small business economy by offering fast, simple access to working capital through the digital tools businesses already use. Fundbox has partnered with leading SMB platforms to help over 125,000 customers unlock growth with fast, simple access to over $5B of capital.
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About Cross River Bank
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Leading the industry, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
