Fundbox Raises $20 Million in Expansion of Series C Funding Round

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Fundbox announced today a fresh $20 million in equity funding from MUFG Innovation Partners, the corporate venture capital arm of Mitsubishi UFJ Financial Group (MUFG); this brings the total capital raised in their Series C round from September 2019 to almost $200 million; the CEO of Fundbox, Eyal Shinar told Calcalist, “By the end of this crisis, we will have less competition and more demand for our services”; Fundbox provides working capital to small businesses and despite an increase in losses early in the crisis the health of their loan portfolio is back at or better than pre-crisis levels; the company has not been immune to cutbacks with a 14% reduction in their workforce in March and executives took more than a 10% paycut; Shinar is still optimistic about the future of Fundbox saying they still have every intention of becoming a global player in the future. CTech