MUFG Innovation Partners Announces Investment in Fundbox
MUFG INNOVATION PARTNERS ANNOUNCES INVESTMENT IN FUNDBOX
THE FIRST B2B PAYMENT AND CREDIT NETWORK DESIGNED TO ACCELERATE COMMERCE
The Fintech Innovator Is Optimizing How B2B Payments And Credits Flow To Help Businesses That Are Ready To Grow
TOKYO and SAN FRANCISCO, Calif., Sept 25, 2019 – MUFG Innovation Partners Co., Ltd. (MUIP), a corporate venture capital fund and a wholly-owned subsidiary of MUFG, has invested in Fundbox, Ltd. Fundbox is a leading Fintech company dedicated to simplifying and improving the way businesses pay and get paid.
According to a recent Fundbox research study, the company found that there is an unprecedented $3.1 trillion owed to U.S. firms today, locked up in accounts receivables “limbo” or, what the company has labeled “Net Terms Economy.”
The company uses data science and a proprietary credit scoring model that utilizes accounting and bank account data to provide credit decisions within minutes and funding as quickly as the next business day.
To unlock the dollars tied up as outstanding invoices and net terms Fundbox has built the first two-sided payments and credit network designed specifically to accelerate B2B commerce. With automated machine-learning risk decisions, faster payments to sellers, and more flexible payment terms to the buyer, sellers can focus on increasing average order volumes (AOV) while buyers have greater purchasing confidence and repayment flexibility.
With this investment, Fundbox plans to strengthen its branding and customer acquisition strategies within its U.S. business.
MUIP’s primary focus is to pursue partnerships and business synergies between MUFG group companies and portfolio companies. It plans to continue seeking investment opportunities in the financial technology (Fintech) sector.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english
Fundbox is a leading technology platform focused on disrupting the $21 trillion B2B commerce market by building the world’s first B2B payment and credit network. With Fundbox, sellers (of all sizes) can quickly increase average order volumes (AOV) and improve close rates by offering more competitive net terms and payment plans to their SMB buyers. With heavy investments in machine learning and the ability to quickly analyze the transactional data of SMB’s, Fundbox is reimagining B2B payments and credit products in new category-defining ways.
Since the company’s founding in 2013, Fundbox has raised, including this most recent round, approximately $300 million from a blue-chip group of investors led by Khosla Ventures, General Catalyst, Spark Growth Capital and Jeff Bezos, and is currently experiencing incredible growth momentum. For more information about Fundbox, please visit www.fundbox.com
MUFG Innovation partners Co., Ltd