Fundbox targeting $300 million raise at a $1.5 billion valuation via Wall Street SPAC
Another Israeli Fintech company is on its way to Wall Street via SPAC. Calcalist has learned that data-based credit startup Fundbox Inc. is in negotiations to merge with a SPAC to raise $300 million at a $1.5 billion valuation.Founded in 2013 by Eyal Shinar, who until six months ago served as its CEO, Fundbox offers credit solutions to small and medium-sized businesses. Since Shinar switched to the role of chairman, the CEO position has been filled by Prashant Fuloria. Fundbox has a development center in Tel Aviv and large offices in San Francisco and Dallas and it employs a total of 230 people.Fundbox founder Eyal Shinar. Photo: Qumra CapitalAccording to the company, “the past year has been a test for businesses all over the world. Fundbox was able to strengthen its status and position itself well in 2021. We remain focused on building the most dominant technology platform to empower small businesses and do not address rumors and speculations.”If the deal does get signed, Fundbox will be the latest in a series of Israeli companies slated to enter the American stock exchanges via a shelf company. A partial list includes Pioneer, Ree, Taboola, Innoviz, and Otonomo.Fundbox developed a platform that enables small and medium enterprises to quickly receive credit lines based on future invoices, with the approval process being carried out by artificial intelligence tools. The solution is meant to enable businesses to better handle cash flow issues and neutralize the effects of delays caused by delayed payments. The company has a network of 300 businesses in the U.S., that receive loans ranging from $10,000 to $100,000.