TORONTO – (BUSINESS WIRE) – January 13, 2022–
FundBy, a financial technology platform that solves cash flow challenges for growing businesses through fast bill payments, today announced the acquisition of the invoice factoring business of the financial technology company BlueVine. The acquisition accelerates the company’s strategic focus on integrated financing and its efforts to expand into the US market, doubling the number of US clients who will rely on FundThrough to turn unpaid invoices into working capital. All employees of BlueVine’s invoice finance division are joining FundThrough as part of the transaction.
FundThrough has grown by 1,071% in the past three years and nearly 300% since last year, funding thousands of B2B clients since the company was founded in 2014. The fintech company has grown to handle more funding of $ 120 million per month while being extremely capital efficient, having only raised $ 25 million in equity since its inception. The acquisition is expected to more than double the number of fundraising transactions FundThrough completes each year.
Cash flow is the number one problem facing small businesses. According to data from QuickBooks, 81% of businesses surveyed said their customers were overdue more often in 2021 than in previous years, and 89% said late payments are limiting their growth. According to FundThrough customer data, small businesses wait an average of 60 days for customers to pay their bills. FundThrough solves this problem through its AI-powered funding platform, which generates automated offers for a seamless onboarding and funding experience. Using its technology, along with key partnerships with companies such as Intuit and Enverus, FundThrough is reducing that wait time by 97% to accelerate access to cash flow for small businesses.
“We are committed to helping small businesses grow and prosper, especially those that sell to large customers where long payment terms and lack of financing options hamper the growth of a business,” said Steven Uster, co-founder and CEO of FundThrough. . “BlueVine was one of our biggest competitors in the US market, and with this acquisition we can fulfill our mission on a much larger scale. We look forward to providing BlueVine’s invoice factoring clients with the same responsive, personalized customer service and seamless financing experience that existing FundThrough clients rely on and value.
In addition to accelerating its expansion in the United States, the acquisition also rapidly advances another FundThrough strategy: to become the leader in integrated finance. The additional scale of new partnerships and channel relationships acquired through BlueVine – including all BlueVine factoring partners, which have now moved to FundThrough – will fuel FundThrough’s goal of being included in the B2B marketplace workflow. , ecosystems and applications where suppliers can request instant payment of their large customer invoices without leaving the workflow. This gives suppliers more opportunities to increase their cash flow and level the playing field for small businesses selling to large and powerful customers who often impose long payment terms.
Based in Redwood, California, BlueVine provides financial services to small and medium-sized businesses. The company serves the banking and working capital needs of business owners with a suite of products, including BlueVine Business Checking, Payments, and Line of Credit. Factoring was BlueVine’s founding product.
“Since launching BlueVine, we have focused on the financial needs of small businesses and are very proud of what we have been able to accomplish. As we evolve our products and services, we are constantly examining how we can better serve our customers at scale, ”says Eyal Lifsthiz, co-founder and CEO of BlueVine. “We have determined that FundThrough is uniquely positioned to serve our factoring clients with the care and individual attention they need and deserve. Our factoring clients will be in good hands with FundThrough.
FundThrough is a leading financial technology company that accelerates cash flow and enables the growth of small and medium businesses that sell to big customers and wait to be paid. Based in Toronto and operating across North America, FundThrough’s AI-powered invoice financing platform offers B2B businesses fast, personalized financing offers to get their invoices paid in days – rather than a few days. months – and get quick access to the money they already have. won. For more information visit fundthrough.com.
BlueVine offers small and medium-sized businesses quick and easy access to financial services designed for them. BlueVine’s advanced online platform offers an intuitive and convenient solution designed to meet the banking and working capital needs of today’s business owners with a suite of products including BlueVine Business Checking, Payments and Line of Credit. Based in Redwood City, Calif., BlueVine has provided small and medium-sized businesses with access to more than $ 14 billion in financing across all products and is backed by leading private and institutional investors including Lightspeed Venture Partners, Menlo Ventures , 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance and M12 (Microsoft’s Venture Arm). All lines of credit and term loan products are issued by Celtic Bank, a Utah chartered industrial bank, member of the FDIC. Banking services provided by Coastal Community Bank, FDIC member. For more information, please visit https://www.bluevine.com/ or follow us on LinkedIn and Twitter.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220113005176/en/
Boulevard Public Relations
KEYWORD: UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES SMALL ENTERPRISES TECHNOLOGY OTHER TECHNOLOGY MOBILE / WIRELESS FINANCING BANKING
Copyright Business Wire 2022.
PUB: 01/13/2022 6:00 a.m. / DISC: 01/13/2022 6:02 a.m.
Copyright Business Wire 2022.