Fundbox, a San Francisco, California-based credit and payments firm, has raised $176 million in Series C equity financing. The firm has a total of $433.5 million in total funding to date. It also has a credit facility of $150 million.
The investors include Spark Capital Growth, General Catalyst, Kosla Ventures, GMO Internet Group, Arbor Ventures, Healthcare of Ontario Pension Plan, Allianz X and Cathay Innovation.
Chief business officer Sebastian Rymarz said they decided to seek funding from a diverse group of investors because they are planning for international expansion.
According to founder and CEO Eya Shinar, they help small businesses refresh their antiquated payment systems which can affect growth. The firm offers emergency funding that can be approved in minutes. Small business borrowers can repay their loans in 12-24 weeks of equal installments. Fundbox requires no personal credit investigation or paperwork. This represents a golden opportunity for entrepreneurs with poor credit standing.
Despite all the benefits the firm offers for small businesses, Fundbox has its share of critics. Some say it has higher rates and fees. Another concern is privacy the firm deals with risky clients and requests for personal information.