Fundbox to expand into Australia with MA Financial backing
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The news: San Francisco-based fintech Fundbox has announced it is expanding into Australia with the support of MA Financial Group.
The numbers: Fundbox has raised a warehouse facility, with upsize potential of $100 million, in funds managed by MA Financial Group.
With more than USD2 billion ($2.7 billion) in annual global funding capacity, Fundbox has enabled more than 170,000 small enterprises in the US access to USD6 billion in financing since 2013. It will act as a non-bank lender in Australia via MA Financial.
Fundbox offers a white-label plug-and-play integration, which is expected to allow platforms in Australia to provide embedded financing more easily.
What they said: "Fundbox has developed a differentiated and scalable platform, and we look forward to supporting the firm’s growth in the Australian market," MA Financial global credit solutions executive director Guy Kaufman said.
Fundbox CEO Prashant Fuloria said the expansion was a "major milestone" in the company's mission "to embed capital into the platforms that power the global SMB economy".
“Small and medium business platforms — including payment providers, vertical SaaS companies, neobanks, and commerce marketplaces — can now launch embedded capital products in Australia quickly, compliantly, and with confidence," Fuloria said.
The source: MA Financial Group media release
