back Back

Visa partners with Fundbox to enable new payment capabilities for small businesses

By Edlyn Cardoza

June 01, 2022

  • Cash Outflows
  • Digital Payments
  • Fundbox

Visa, Fundbox, Digital Payments, Working Capital Platform, Fundbox Flex Visa Debit Card, Cash Outflows, Push-to-card Transfer Option, Instant Fund Disbursement, Visa Direct, Spend Management Solution, USAVisa, 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. The first step in this collaboration is the launch of the Fundbox Flex Visa Debit Card, issued by Pathward, N.A., which helps small business customers better manage their cash outflows.

In addition to the Fundbox Flex Card, Fundbox and Visa will work together in the coming months to introduce a series of new payment products, including a Buy Now, Pay Later (BNPL) solution for small businesses looking for flexible payment options when making purchases, and a push-to-card transfer option for instant fund disbursement through Visa Direct, Visa’s real-time money movement network.

“Small businesses that embrace digital tools tend to be more resilient and better able to compete,” said Jack Forestell, Chief Product Officer, Visa. “As Visa continues to work towards digitally enabling 50 million small businesses by 2023, we’re excited to be teaming up with Fundbox to bring a range of new, digital offerings to the market from cards to installments to disbursement.”

Fundbox Flex Pay is a spend management solution that helps business owners manage payables while providing flexibility around how and when to fund expenses. Fundbox has seen significant growth and quick adoption of the product and reports payment volume increasing over 80% quarter-over-quarter, and the median active customer using it over five times a month. The Fundbox Flex Visa Debit Card brings the power of Flex Pay to card-accepting merchants, enabling convenient payments for expenses like travel, supplies and incidentals.

The strong performance of Fundbox Flex Pay has contributed to the growth of Fundbox’s working capital platform. Combined with their approach of embedding within their customers’ systems and workflows and the increasing desire for people to build their businesses, Fundbox has crossed over $160 million in annual revenue run rate.

“We’ve seen our working capital solutions become more embedded within our customers’ cash flow cycles as small businesses adopt digital payments to drive growth and operational efficiency,” said Prashant Fuloria, CEO of Fundbox. “In order to accelerate the flow of funds to our customers, it’s critical for us to continue enhancing our core payment capabilities, and our partnership with Visa is a significant step towards that vision.”

With the latest U.S. Census data showing a record 5.4 million new business applications were submitted last year, small business owners are increasingly turning to digital payments as a means to help them grow and thrive. According to Visa’s Global Back to Business Study, 73% of small businesses surveyed see accepting new forms of payments as fundamental to their business growth, and 59% said they already are or plan to use only digital payments within the next two years.

Previous Article

June 01, 2022

Neobank Brand New Day selects Sentinels for AML compliance

Read More
Next Article

June 01, 2022

Naspers Foundry leads R53m Series A investment in LifeCheq

Read More

IBSi Daily News Analysis


February 27, 2024

Cash Outflows

Saudi Arabia’s FinTech market poised for exponential growth: vision 2030 sparks innovation surge

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 27, 2024

Geidea strengthens operations in Saudi Arabia with key leadership appointments

Read More

February 27, 2024

Aevi and Silverflow partner to support banks in Europe & North America

Read More

February 27, 2024

Aryza taps to offer secure, convenient payment options

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023