Galileo to power Fundbox as the new partnership expands payment capabilities
By Joy Dumasia
Fundbox, an embedded working capital platform for small businesses, announced 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 is 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 $3 billion 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.”
Recently, IBS Intelligence reported that Visa, a world leader in digital payments, recently announced that it is partnering with Fundbox, an embedded working capital platform for small businesses, to strengthen Fundbox’s platform with the power of digital payments.