In a statement, the Canadian company said the additional scale from new channel partnerships and relationships acquired through BlueVine - including all factoring partners, who have now transitioned to FundThrough - will fuel FundThrough’s goal of being included within the workflow of B2B marketplaces, ecosystems, and apps where suppliers can request instant payment of their large customer invoices without leaving the workflow. We look forward to providing BlueVine’s invoice factoring clients with the same responsive, personalized customer service and seamless funding experience that FundThrough’s existing clients rely on and appreciate.” market, and through this acquisition, we can fulfill our mission on a much larger scale. ![]() “BlueVine was one of our biggest competitors in the U.S. “We are committed to helping small businesses grow and thrive – especially those who sell to large customers where long payment terms and a lack of financing options stand in the way of growing a business,” says Steven Uster, co-founder and CEO of FundThrough. Through its technology, along with key partnerships with companies such as Intuit and Enverus, FundThrough cuts that waiting time by 97 per cent to accelerate access to cash flow for small businesses. According to FundThrough client data, small businesses wait 60 days on average for customers to pay their invoices.įundThrough addresses this through its AI-powered funding platform, which generates automated offers. According to QuickBooks data, 81 per cent of surveyed businesses said their customers had been late on their payments more often in 2021 compared to previous years, and 89 per cent said late payments limit their growth. The acquisition is expected to more than double the annual number of funding transactions.Ĭash flow is the number one problem facing small businesses. It has raised $25 million dollars in equity since its inception. All BlueVine invoice funding division employees are joining FundThrough as part of the transaction.įounded in 2014, FundThrough said it now provides more than USD$120 million dollars in funding per month. The company said the acquisition fast tracks the company’s strategic focus on embedded finance and its expansion efforts in the U.S. ![]() FundThrough, an invoice payment fintech platform, this week announced the acquisition of BlueVine’s invoice factoring business.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |