Fundbox has partnered with Visa as it looks to strengthen digital payment offerings within its embedded working capital platform.
The first stage of the new collaboration centres around the launch of the Fundbox Flex Visa Debit Card, issued by Pathward N.A., which the firm says will help small businesses better manage their cash outflows.
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The pair will also work together over the coming months to introduce a series of new payment products, which will include a Buy Now, Pay Later (BNPL) solution for flexible payment options, and a push-to-card transfer option for instant fund disbursement through Visa Direct.
“Small businesses that embrace digital tools tend to be more resilient and better able to compete,” explained Jack Forestell, Visa Chief Product Officer, in an announcement.
“As Visa continues to work towards digitally enabling 50 million small businesses by 2023, we’re excited to be teaming up with Fundbox to bring a range of new, digital offerings to the market from cards to instalments to disbursement.”
Fundbox’s Flex Pay solution focuses on spend management and is designed to help business owners manage payables while also offering flexibility around expenses. The platform has achieved strong growth and quick adoption since its release, with the firm reporting payment volume increasing over 80% quarter-over-quarter.
Fundbox says the strong performance of Flex Play has contributed to the growth of its working capital platform, with the company now having crossed $160 million in annual revenue run rate.
Now, the Fundbox Flex Visa Debit Card adds Flex Pay to card-accepting merchants to help enable convenient payments for expenses such as travel, supplies, and incidentals.
“We’ve seen our working capital solutions become more embedded within our customers' cash flow cycles as small businesses adopt digital payments to drive growth and operational efficiency,” commented Prashant Fuloria, CEO of Fundbox.
“In order to accelerate the flow of funds to our customers, it’s critical for us to continue enhancing our core payment capabilities, and our partnership with Visa is a significant step towards that vision.”
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Dan is a freelance writer and regular contributor to ChannelPro, covering the latest news stories across the IT, technology, and channel landscapes. Topics regularly cover cloud technologies, cyber security, software and operating system guides, and the latest mergers and acquisitions.
A journalism graduate from Leeds Beckett University, he combines a passion for the written word with a keen interest in the latest technology and its influence in an increasingly connected world.
He started writing for ChannelPro back in 2016, focusing on a mixture of news and technology guides, before becoming a regular contributor to ITPro. Elsewhere, he has previously written news and features across a range of other topics, including sport, music, and general news.