Fundbox Announces Partnerships to Expand Payment Capabilities, Adds Former Goldman Sachs Exec as Chief Product Officer
Embedded working capital platform invests in expansion
San Francisco, CA, June 22, 2022 (GLOBE NEWSWIRE) -- Fundbox, an embedded working capital platform for small businesses, announced today that the company has partnered with Galileo Financial Technologies, an open API platform that enables unique and differentiated financial solutions, and MetaBank®, N.A., a leading financial empowerment company, to accelerate its product roadmap and help bring innovative products to market. Fundbox also announced the appointment of a new Chief Product Officer, Jin Hwang, who most recently served as Head of Product - Platform at Marcus by Goldman Sachs and previously led the product team at Intuit QuickBooks Capital.
Fundbox’s partnership with two leading fintech infrastructure companies and appointment of a Chief Product Officer are part of an ongoing effort to expand its working capital platform. Last year, the company launched Flex Pay, a spend management product that helps business owners better manage their payables, giving customers flexibility and peace of mind that critical business expenses get paid on time. Fundbox has seen significant growth and quick adoption of the product, and reports payment volume increased over 80% quarter-over-quarter, with the median active customer using it over five times a month for applications like payroll, inventory, and rent.
Business owners can access Fundbox solutions through embedded experiences with business systems and accounting solutions, or directly through the native Fundbox website and mobile app. Fundbox has unlocked access to over $3B in working capital and connected with half a million businesses on its platform.
“Our new partnership with Galileo and MetaBank enables us to expand and scale payment offerings on our platform,” said Prashant Fuloria, CEO of Fundbox. “We will introduce a number of new Flex Pay capabilities later this year, including a bill pay functionality where customers can make fast and easy payments to third party merchants on the platform.”
“Business owners are increasingly asking for access to payment tools that work as easily and efficiently as those available in the consumer sector–and rightfully so,” said Derek White, CEO of Galileo. “Empowering our partners to meet this emerging demand is a key area of focus for Galileo, and we’re proud to help Fundbox offer their customers more ways to make purchases and manage expenses, enabling owners to spend more time focusing on successfully running their business.”
The continued expansion of Fundbox’s working capital products will be overseen by Jin Hwang, Fundbox’s new Chief Product Officer. He brings two decades of experience in product development, design, technology, and finance. At Fundbox, Hwang will lead product strategy, UX, and development to create impactful solutions that support small business growth.
“I’m thrilled that Jin has joined Fundbox to lead our product team,” said Fuloria. “As we expand our product platform and significantly scale our business, Jin’s deep fintech product expertise, passion for small business, and experience with product development at scale will be key to building a strategic product roadmap that elevates Fundbox to the next level.”
Most recently, Hwang served as Head of Product - Platform at Marcus by Goldman Sachs, where he built and scaled the platform product team. During his tenure, he built the firm’s first BNPL solution, MarcusPay, and helped sign the company’s first large corporate partner. Before joining Marcus, Hwang built and led the product team for QuickBooks Capital, Intuit’s small business financing platform.
Fundbox is an embedded working capital platform for small businesses. Business owners can access solutions through embedded experiences with business solutions or directly through the native Fundbox website and mobile app. The company has connected with half a million businesses and unlocked more than $3B in working capital. Fundbox has received numerous awards including the Forbes AI 50, CB Insights Fintech 250, and Fintech Breakthrough Awards. Founded in 2013, Fundbox currently has 300+ employees and offices in San Francisco, CA; Dallas, TX; New York, NY; and Tel Aviv, Israel. Learn more at fundbox.com.
About Galileo Financial Technologies
Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Trusted by digital banking heavyweights, early stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.
MetaBank®, N.A., a national bank, is a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH). MetaBank is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion for all™. MetaBank strives to increase financial availability, choice, and opportunity across its strategic service lines including Payments, Commercial Finance, and Consumer Solutions, which is comprised of tax services and consumer lending. These solutions are seamlessly integrated to provide end-to-end support to the individuals and businesses who are powering the everyone economy. On March 29, 2022, MetaBank announced it is changing its name to Pathward™, N.A. The company will make certain changes immediately and fully transition to Pathward by the end of this calendar year. Learn more at MetaBank.com.
Flex Account is a business demand deposit account established by MetaBank, N.A.
CONTACT: Judy Huang