B2B payment and credit network Fundbox has closed an investment from MUFG Innovation Partners, less than a year after closing $326m in debt and equity.
The new investment came from MUFG Innovation Partners, which is the venture capital division of Japanese bank Mitsubishi UFJ Financial Group.
While the amount of capital invested by MUFG was not disclosed, Fundbox stated it has now raised nearly $200m in its Series C round. The FinTech initially secured $176m in its Series C in August 2019.
Fundbox has built a B2B payment and credit network which helps all sizes of sellers to increase order volumes and improve close rates by offering more competitive net terms and payment plans for buyers. By leveraging machine learning technology, the company analyses transnational data to make accurate credit decisions, with funds being sent the as early as the next business day.
Despite the coronavirus causing a lot of issues for businesses, Fundbox states it has seen positive momentum during the period. It has grown its customer network, enabled faster payments for B2B suppliers and originated credit for existing customers.
MUFG Innovation Partners managing director and chief investment officer Akihiko Okamoto said, “We are pleased with how Fundbox’s advanced data science and technology capabilities have contributed to its superior portfolio performance, especially during COVID-19.
“Even in the face of these extraordinary economic conditions, the strength of the business has been impressive. Our team has great confidence in Fundbox.”
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