Fundbox, an embedded capital platform for SMBs, closed a new credit facility with Cross River, a technology infrastructure provider that offers embedded financial solutions, and Waterfall Asset Management, a global alternative investment advisor. The agreement brings Fundbox’s total annual origination capacity to over $2B, including existing capacity.
The financing facilities will support Fundbox’s mission to empower the SMB economy by meeting the working capital needs of small businesses. The backing of Cross River and Waterfall will further enable Fundbox to develop its products.
“Small businesses need capital more than ever before. The number of US small businesses grew 3x the rate of the U.S. consumer population in the last decade, while bank funding for SMBs has fallen 15% year-over-year,” Renuka Nayani, chief financial officer of Fundbox, said. “Credit capacity from Cross River and Waterfall help ensure we are well-capitalized to meet this need. We are thrilled to work with these established institutions to help close the trillion-dollar gap in small business funding.”
“Fundbox has steadfastly supported America’s small businesses while delivering through-the-cycle performance to its investors. We are proud to back the company’s next stage of growth with this credit facility,” Drew Friedberg, director of principal finance at Cross River, said. “This alliance furthers our mission to empower fintech companies and small businesses with access to credit.”
“Fundbox has demonstrated exceptional commitment to enhancing the financial landscape for small businesses. We are excited to support their continued growth and innovation,” Nate Huebscher, director at Waterfall, said. “This agreement aligns with our dedication to supporting dynamic lending solutions and fostering opportunities for small businesses to thrive.”
