Fundbox, an embedded working capital platform for small businesses, announced today 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 are part of an ongoing effort to expand its working capital platform.
Flex Pay was launched by the company last year. It is a spending management tool that allows business owners to better manage their payments. This gives customers flexibility and peace-of-mind that important business expenses are 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. Fundbox solutions can be accessed by business owners through embedded experiences that integrate with accounting and business systems, as well as directly through the Fundbox mobile app and website. Fundbox has connected half a million businesses to its platform and provided access to more than $3B in working capital.
“Our new partnership with Galileo and MetaBank enables us to expand and scale payment offerings on our platform,” Fundbox CEO, Prashant Fuloria. “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,” Derek White, Galileo’s CEO. “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. Jin Hwang has over 20 years of experience in product and technology development, design, finance, and technology. Hwang will be responsible for product strategy, UX and development at Fundbox to develop impactful solutions that support small-business growth.
“I’m thrilled that Jin has joined Fundbox to lead our product team,” 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.”
Most recently, Hwang served as Head of Product – Platform at Marcus by Goldman Sachs, where he built and scaled the platform product team. During his tenure, he built the firm’s first BNPL solution, MarcusPay, and helped sign the company’s first large corporate partner. Before joining Marcus, Hwang built and led the product team for QuickBooks Capital, Intuit’s small business financing platform.