Vaya’s co-founders, Ankit Singh and Soham Sen, will take on leadership roles in product and engineering at Fundbox, the release said.
“We are looking forward to having the Vaya team aboard,” Fundbox CEO Prashant Fuloria said in the release. “Their expertise in credit infrastructure across geographies, embedded FinTech solutions and vertical SaaS platforms will help Fundbox expand our offerings and better serve our partners globally.”
Fundbox’s embedded capital infrastructure enables platforms to embed financial tools directly into their user experiences and offer their small- to medium-sized business (SMB) users access to credit, according to the release.
Since 2013, Fundbox has helped more than 150,000 SMBs access over $6 billion in capital, the release said.
Singh and Sen will help Fundbox accelerate the development of new credit products, per the release. Singh said they will “build on the strong foundation the team has established over the years,” and Sen said they will “continue empowering the small businesses and vertical SaaS platforms that have always been at the heart of our mission.”
The PYMNTS Intelligence report, “Embedded Lending: From the Lender’s Perspective,” found that embedded lending presents a burgeoning opportunity for lenders.
The report found that 37% of SMBs are very or extremely interested in switching to a provider that offers embedded lending.
Autobooks said June 16 that it partnered with Fundbox to create Autobooks Capital by adding access to flexible funding for SMBs to its platform that provides receivables, payables, accounting and cash flow management tools integrated within financial institutions’ digital banking experiences.
In February, self-service commerce technology company Cantaloupe introduced a small business financing solution called Cantaloupe Capital in collaboration with Fundbox. The company said this offering gives small businesses streamlined access to capital for expansion via equipment investments and flexible access to cash flow.
Fundbox partnered with Nav in March 2024 to ease the way for SMBs to access capital by presenting Fundbox’s pre-approved offers to the users of Nav’s platform that helps SMBs enhance their financial health.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.