Fundbox Revenue, Valuation, Funding & Investors
Fundbox is valued at $1.1B as of November 2021, a 11.0x multiple on its last reported $100M revenue.
Last Fundbox valuation
$1.1B
Series D · Nov 2021
Last Fundbox funding round
$100M
Series D · Nov 2021
Fundbox revenue
$100M
Series D · Nov 2021
Key investors in Fundbox
Khosla Ventures
General Catalyst
Blumberg Capital
Entrée Capital
LionBird
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Shlomo Kramer
About Fundbox
San Francisco-headquartered Fundbox is a financial technology platform founded in 2013 that delivers AI-powered credit to small businesses. It provides instant working capital advances based on revenue data, enabling growth without traditional loans. The service processes applications in minutes for seamless cash flow management.
Founded
2013
HQ
Dallas, TXWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$100M (Nov 2021)
Valuation
$1.1B (Nov 2021)
Sectors
Fundbox Valuation
Fundbox is currently valued at $1.1B, based on its Series D in November 2021.
The $100M round was led by Healthcare of Ontario Pension Plan (HOOPP), with participation from Material V, BNY Mellon, Allianz X, The Private Shares Fund, Sahin Boydas and 3 other investors.
Fundbox valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2021 | Series D | $1.1B | 11.0x |
Fundbox Revenue
Fundbox's latest recorded revenue is $100M, as of its Series D in November 2021. At a $1.1B valuation, that implies a 11.0x revenue multiple.
Fundbox revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2021 | $100M | $1.1B | 11.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Fundbox Funding History
Fundbox has raised a total of $404M across 6 funding rounds.
Fundbox's first fundraising round was a $18M Series A in April 2014. The most recent completed round was a $100M Series D in November 2021.
Fundbox funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2021 | Series D | Healthcare of Ontario Pension Plan (HOOPP) (lead); Material V; BNY Mellon; Allianz X; The Private Shares Fund; Sahin Boydas; Arbor Waypoint Select Fund; Khosla Ventures; Gary Marino | $100M | $1.1B | Fundbox is an AI-powered financial platform providing credit, payments, and working capital solutions to small and medium-sized businesses (SMBs), particularly B2B-focused ones lacking traditional banking access. Founded in 2013 and headquartered in San Francisco with Israeli roots, it uses AI for rapid credit decisions, enabling funds transfer within a day. The company had connected with over 325,000 businesses and surpassed $2.5 billion in transaction volume by late 2021. On November 30, 2021, Fundbox closed a $100 million Series D funding round at a $1.1 billion post-money valuation, achieving unicorn status. The round was led by Healthcare of Ontario Pension Plan (HOOPP), with participation from existing investors Allianz X, Khosla Ventures, and The Private Shares Fund, plus new investors Arbor Waypoint Select Fund, BNY Mellon funds managed by Newton Investment Management North America, and individuals like Gary Marino and Sahin Boydas. This brought total equity raised to $410 million. Proceeds were earmarked for product expansion into payments (e.g., Flex Pay), new financial products for multi-business entrepreneurs and new ventures, team growth in partnerships, sales, operations, and finance, and overall business scaling. The round was fueled by strong 2021 traction, including crossing a $100 million annual revenue run rate (ARR), over 200% new customer acquisition growth, and a rebound in small business activity post-COVID. Despite pandemic layoffs of 15% early on, Fundbox reported profitability at the individual customer level and positive cash flow when curbing customer acquisition spend. Fundbox differentiates through AI-driven underwriting, loyalty from existing customers (main revenue source), and focus on underserved SMB financing lagging consumer innovations. Future plans included targeted products for specific SMB segments amid economic recovery. |
| May 2020 | Series C | MUFG Innovation Partners (lead) | $20M | - | Fundbox is a San Francisco-based fintech company founded in 2013, offering a B2B payment and credit network that provides working capital advances to small businesses using machine learning, data science, and automated credit decisions based on accounting and bank data. It addresses cash flow issues from unpaid invoices in the 'Net Terms Economy,' enabling faster payments and credit for SMBs. The platform analyzes transactional data to offer credit within minutes and funding as quickly as the next day, helping sellers increase order volumes with flexible payment terms. On May 26, 2020, Fundbox announced additional equity funding from MUFG Innovation Partners, which tripled its prior commitment, bringing the total raised in the Series C round to nearly $200 million (initially $176 million in September 2019 plus this $20-24 million top-up). MUFG Innovation Partners acted as the lead investor in this extension. The funding supports continued investments in technology, real-time data access, machine learning, automated credit management, customer experience, branding, and U.S. customer acquisition amid COVID-19 challenges. Investors include Khosla Ventures, Allianz, General Catalyst, Spark Growth Capital, Arbor Ventures, Bezos Expeditions, and Hamilton Lane, with total funding exceeding $400 million by mid-2020. Fundbox demonstrated robust performance during the early COVID-19 period, maintaining or improving portfolio health indicators despite initial losses, with minimal exposure to high-risk sectors like restaurants and salons due to short loan durations. It served existing customers, added new ones, and under U.S. government programs, mediated $500 million in aid loans to SMBs. The company has received accolades like Forbes Fintech 50 and Forbes Billion Dollar Startup to Watch. |
| Sep 2019 | Series C | Allianz (lead); General Catalyst (lead); Hedosophia (lead) | $176M | - | Fundbox is a San Francisco-based B2B payments and credit network founded in 2013 that provides working capital solutions to small businesses. The company operates as both a lender and payments processor, using artificial intelligence to assess creditworthiness by analyzing data from business software, services, and bank accounts. Fundbox's core product is a revolving line of credit that allows businesses to access funds based on unpaid invoices, addressing cash flow challenges that prevent companies from investing in growth and hiring. In September 2019, Fundbox announced a Series C funding round in which it raised $176 million in growth equity funding, with investors including Allianz X, Healthcare of Ontario Pension Plan, and other backers. In addition to the equity capital, the company secured a $150 million credit facility to expand its underwriting capability and scale its lending operations. According to Bloomberg reporting at the time, the company had achieved more than $100 million in annual revenue run rate. Fundbox positions itself as building a "Visa for B2B payments," aiming to reduce friction in business-to-business transactions similar to how credit card networks function in consumer markets. CEO Eyal Shinar framed the market opportunity as substantial, noting that over $3 trillion is locked in business invoices, with $23 trillion flowing through invoice-based transactions globally and $9 trillion among small and medium businesses alone. The Series C funding was intended to support continued transformation of the B2B credit experience and facilitate faster approval decisions to enable uninterrupted cash flow for business customers. |
| Sep 2015 | Series B | Spark Capital (lead); General Catalyst; Sound Ventures; Blumberg Capital; FJ Labs; Shlomo Kramer; Khosla Ventures; Bezos Expeditions; Entrée Capital; Omidyar Technology Ventures | $50M | - | Fundbox, a San Francisco-based fintech startup with development in Tel Aviv, provides instant financing for small businesses by advancing funds on outstanding invoices integrated into accounting software, underwriting in seconds and depositing funds next business day with 12-week repayment and flat fees. The company secured $50 million in an equity funding round on September 10, 2015, led by Spark Capital Growth, with participation from Bezos Expeditions, Sound Ventures (Ashton Kutcher and Guy Oseary), Entrée Capital, and existing investors including Khosla Ventures, General Catalyst, Blumberg Capital, and Shlomo Kramer. This followed a $40 million Series B in March 2015, bringing total funding to $108 million in under 18 months. At the time, Fundbox reported strong traction, serving over 20,000 small businesses, processing 15 million invoices worth more than $30 billion cumulatively, doubling average invoice size from $5,000 to over $10,000, achieving 2x quarter-over-quarter growth for seven quarters, and maintaining single-digit default rates below industry standards. Funds were earmarked for product innovation, development, and team expansion to address cash flow issues for 29 million U.S. small businesses, where 82% fail due to poor cash management per a U.S. Bank study. Fundbox positions itself to build a B2B credit network using big data analytics and predictive modeling, targeting the vast U.S. invoice market of 34 billion annually, mostly B2B, with ambitions to dominate like Visa in B2B payments, potentially reaching trillions in scale. Investors highlighted its innovative risk assessment, rapid growth, and leadership in automating invoice financing amid rising demand for efficient alternative credit solutions. |
| Mar 2015 | Series B | General Catalyst (lead); Blumberg Capital; LionBird; Shlomo Kramer; Nyca Partners; Philippe Suchet; Khosla Ventures; Entrée Capital; CE Innovation Capital | $40M | - | Fundbox, a cash flow optimization tool for small businesses, raised $40 million in Series B financing on March 19, 2015, led by General Catalyst Partners, with participation from existing investors Khosla Ventures, Shlomo Kramer, Blumberg Capital, and new investor Nyca Partners. The funding aimed to accelerate expansion, innovation, product development, and marketing to reach more small businesses. Fundbox offers one-click financing for outstanding invoices embedded in accounting, e-invoicing, and payroll software, addressing cash management issues that cause 82% of business failures according to a U.S. Bank study. At the time, Fundbox reported over 300% quarter-over-quarter growth in the past 18 months and was powering tens of thousands of small businesses while advancing thousands of invoices weekly, ranging from $100 to $25,000 each. Hemant Taneja from General Catalyst joined the board, highlighting Fundbox's easy and affordable service for solving cash flow challenges in the growing alternative lending market. The company also secured a new credit facility with Silicon Valley Bank and others. By September 2015, Fundbox served over 20,000 small businesses, processed 15 million invoices worth over $30 billion cumulatively, doubled average invoice size to over $10,000, and maintained single-digit default rates. |
| Apr 2014 | Series A | Khosla Ventures (lead); Blumberg Capital; LionBird; SV Angel; Vikram Pandit; Emil Michael; Jay Mandelbaum | $18M | - | Fundbox raised $17.5 million in Series A funding led by Khosla Ventures in April 2014. The round included participation from SV Angel and notable individual investors including Vikram Pandit (former Citigroup CEO), Tom Glocer (former Thomson Reuters CEO), Jay Mandelbaum (former JP Morgan Chase strategist), and Emil Michael (Uber SVP of Business). At the time of the funding announcement, Fundbox had been operating in stealth since August 2013 and had already signed thousands of active users, clearing tens of thousands of invoices daily across businesses in 42 states. The company offered a data-driven lending solution targeting small businesses, using an AI-powered risk engine to evaluate SMB creditworthiness based on financial health, customer demographics, and business seasonality. Loans typically carried fees ranging from sub-1% to 3%, with funding transferred to borrowers' bank accounts within one business day. The company positioned itself to address working capital challenges for SMBs by providing rapid access to capital against pending invoices. |
Who has invested in Fundbox?
29 investors have backed Fundbox across its funding rounds, including Khosla Ventures, General Catalyst, Blumberg Capital, Entrée Capital, LionBird and Shlomo Kramer.
Lead investors include Healthcare of Ontario Pension Plan (HOOPP), MUFG Innovation Partners, Allianz, General Catalyst, Hedosophia and 2 other investors.
Fundbox Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Apr 2014 | |
| San Francisco, CA | 3 | Lead | Mar 2015 | |
| San Francisco, CA | 3 | Participant | Apr 2014 | |
 Tel Aviv | 2 | Participant | Apr 2014 | |
| Shlomo Kramer | Tel Aviv | 2 | Participant | Mar 2015 |
| Tel Aviv | 2 | Participant | Mar 2015 | |
 Munich | 1 | Participant | Nov 2021 | |
| Munich | 1 | Lead | Sep 2019 | |
| United States | 1 | Participant | Nov 2021 | |
| Los Angeles, CA | 1 | Participant | Sep 2015 | |
 Tokyo | 1 | Lead | May 2020 | |
| San Francisco, CA | 1 | Participant | Apr 2014 | |
| Munich | 1 | Participant | Nov 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Fundbox
Fundbox has acquired 1 company to date.
Last acquisition by Fundbox was on June 23rd 2025. Fundbox acquired Vaya for undisclosed valuation.
Latest Acquisitions by Fundbox
| Description | Vaya is a fintech providing embedded credit APIs for contextualized lending products integrated into platforms. The service enables seamless credit assessments using transaction data for small businesses and consumers. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 23 Jun 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Fundbox acquisitions and their M&A valuation multiples. Start Free Trial | |
Fundbox Competitors
Fundbox competitors include listed companies like Upbound and Qfin Holdings, and private ones like Happy Money, Raisin, iCred and InCred.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Los Angeles, CA | Private | - | - | $1.1B | - | |
| Berlin | Private | $182M | - | $1.1B | - | |
 Aracaju | Private | $94M | - | $1.1B | 11.2x | |
 Mumbai | Private | $93M | - | $1B | 11.1x | |
| United States | Publicly listed | $4.7B | $1.7B | $1B | 0.6x | |
 China | Publicly listed | $2.4B | - | $989M | 0.8x |
Fundbox Public Comps
Fundbox is still privately-owned, but its public comps include Upbound, Qfin Holdings, Yixin Group, FinVolution Group, Katapult, PROG Holdings, Green Dot, Propel Holdings, Funding Circle and Wealthfront.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.7B | $1.7B | 0.6x | 0.6x | 1.5x | 5.2x | |||
| $2.4B | - | 0.8x | 0.8x | - | - | |||
| $1.7B | $287M | 2.9x | 2.7x | 17.4x | 16.2x | |||
| $2B | $476M | 0.0x | 0.1x | 0.2x | 0.3x | |||
| $292M | $215M | 3.0x | 2.7x | 4.0x | 58.2x | |||
| $2.4B | $1.8B | 0.9x | 0.8x | 1.2x | 6.6x | |||
| $2.1B | ($12M) | 0.4x | 0.3x | (63.9x) | 4.2x | |||
| $556M | $130M | 1.9x | 1.5x | 8.3x | 6.8x | |||
This data is available for Pro users. Sign up to see all Fundbox competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Fundbox
| When was Fundbox founded? | Fundbox was founded in 2013. |
| Where is Fundbox headquartered? | Fundbox is headquartered in Dallas, TX, United States. |
| Is Fundbox publicly listed? | No, Fundbox is a private, VC-backed company. |
| What is Fundbox's valuation? | Fundbox was last valued at $1.1B in its Series D in November 2021. |
| How much funding has Fundbox raised? | Fundbox has raised $404M across 6 funding rounds. |
| What was Fundbox's last funding round? | Fundbox's last funding round was a $100M Series D in November 2021, led by Healthcare of Ontario Pension Plan (HOOPP). |
| Who are Fundbox's investors? | Fundbox's investors include Khosla Ventures, General Catalyst, Blumberg Capital, LionBird, Shlomo Kramer, Entrée Capital, Material V, Allianz, BNY Mellon, Sound Ventures and 19 others. |
| What is Fundbox's revenue? | Fundbox's latest recorded revenue is $100M (November 2021). |
| What is Fundbox's revenue multiple? | Fundbox's latest valuation implies a 11.0x revenue multiple ($1.1B valuation on $100M of revenue). |
| Which companies are comparable to Fundbox? | Companies comparable to Fundbox include Happy Money, Raisin, iCred, InCred, Upbound and Qfin Holdings. |
| How many companies has Fundbox acquired? | Fundbox has acquired 1 company, including Vaya. |
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