Fundbox Tapped By Top B2B E-Commerce Software Provider OroCommerce to Power Net Terms
Tuesday, 25 June 2019 () Partnership Brings the Speed Of Machine Learning Credit Decisions and the Purchasing Power of On-Demand Business Capital Directly to the Point-Of-Need
San Francisco, CA, June 25, 2019 (GLOBE NEWSWIRE) -- Today Fundbox, a leading financial technology company dedicated to simplifying the way businesses pay and get paid, announced that the Fintech leader has been selected by OroCommerce, the #1 B2B e-commerce software provider, to offer the company’s marketplace customers a powerful new checkout solution that unites fast credit decisions with on-demand access to trade financing.
Owned by Oro, Inc, a company that was founded in 2012 by industry leaders in open-source business application development, OroCommerce is dedicated to revolutionizing B2B commerce through digital transformation.
*Unlocking The Net Terms Economy*
According to a 2019 research study by PYMNTs, U.S. firms are owned an unprecedented $3.1 trillion which is currently locked up in accounts receivables. If this capital were to be unlocked, it could provide transformative business opportunities for millions of businesses that provide or rely on trade credit to complete a business transaction.
In order to capture this enormous opportunity, B2B companies need to take the guessing game out of their ability to buy or sell products and services. That’s why Fundbox has created a platform that facilitates faster-automated credit decisions with the certainty of sellers getting paid once a transaction is recorded and, better terms for approved buyers. By leveraging machine learning, Fundbox is able to to deliver fast credit decisions which means, that both buyer and seller can quickly move to capture important business opportunities as they happen, instead of having to wait.
By using Fundbox for checkout, Oro’s B2B merchants uncover greater sales opportunities because new buyers will no longer rely on credit cards, the functional limitations of which often result in lost sales. For both companies, this new partnership is designed as a model for accelerating B2B e-commerce and a win/win for both suppliers and buyers.
“In B2B eCommerce, the B2B buyer experience is everything and payments processing is a huge component”, said Motti Danino, COO for OroCommerce. “We're excited to partner with Fundbox and offer approved business buyers a swift, seamless, and automated way to access business capital at the point of need."
With Fundbox, applying for business credit is fast, convenient and transparent. Those B2B buyers seeking financing simply complete a short application form and then connect a business data source of their choice from either their credit score or a business bank account. For approved buyers, Fundbox provides credit access up to $100,000 in a revolving business line of credit. To date, Fundbox has facilitated over $1 billion in credit for growing small to medium businesses.
“We designed Fundbox with platforms like Oro in mind,” said Sebastian Rymarz, Chief Business Officer for Fundbox. “The biggest inhibitor to B2B e-commerce is the inability for sellers to quickly determine credit risk. And for buyers, it’s having terms that are flexible enough as to not disrupt cash flow. That’s why we created a two-sided solution that gives everyone what they need to complete a transaction. Our partnership with Oro reflects the future of faster B2B e-commerce and why it’s important for marketplaces to provide access to new payment/financing solutions that are meant to drive greater business opportunities.”
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.
Fundbox has received numerous awards for Fintech innovation including the prestigious Forbes Fintech 50, Forbes Billion Dollar Startup To Watch, Fintech Breakthrough Awards for Best B2B Payments Platform and, the Atlas Award for Best Israeli Startup among others. Since the company’s founding in 2013, Fundbox has raised $150 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, visit fundbox.com.
OroCommerce (http://www.orocommerce.com) is the only open-source eCommerce platform built from the ground up for B2B businesses. OroCommerce focuses on perfecting all the B2B-specific features and tools, including support for multiple price lists, customizable quote to order process, quick order forms, multi-business support, and corporate customer account management. Besides, the platform integrates easily with existing business applications, such as ERP, CRM, and product information tools, while offering an intuitive, user-friendly front end for buyers.