Fundbox, a San Francisco-based fintech specializing in B2B payments and credit, has received another equity investment from MUFG Innovation Partners, the venture capital arm of Japan’s MUFG UFJ Financial Group.
MUFG has tripled its investment with Fundbox’s recent Series C funding round, bringing the total in the round to $200 million.
“We are pleased with how Fundbox’s advanced data science and technology capabilities have contributed to its superior portfolio performance, especially during COVID-19,” Akihiko Okamoto, managing director and chief investment officer at MUFG Innovation Partners, said in a press release. “Even in the face of these extraordinary economic conditions, the strength of the business has been impressive.”
Eyal Shinar, Fundbox founder and CEO, said the funding will be used to continue investment in its technology and customer experience.
“Our investments in real-time data access, machine learning and automated credit management have helped us respond very quickly to this crisis, allowing us to continue serving the majority of our customers in addition to adding new customers,” he said in the release.