(31 May 2022 – United States) Visa is partnering Fundbox, a leading embedded working capital platform for small businesses, to strengthen Fundbox’s platform with the power of digital payments.
The collaboration was launched with the release of the Fundbox Flex Visa Debit Card, issued by Pathward, helping small businesses better manage their cashflow. Fundbox and Visa will also work together to introduce a series of new payment products, including a Buy Now, Pay Later (BNPL) solution for SMEs seeking flexible payment options when making purchases along with a push-to-card transfer option for instant fund disbursement through Visa Direct1, Visa’s real-time2 money movement network.
Visa small businesses customers see accepting new forms of payments as fundamental to their business growth and most already are, or plan to, use only digital payments within the next two years.
“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. Small businesses that embrace digital tools tend to be more resilient and better able to compete. 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 installments to disbursement” commented Visa Chief Product Officer, Jack Forestell.
“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. 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” stated Fundbox CEO, Prashant Fuloria.