Fundbox, a platform that provides working capital for small- to medium-sized businesses (SMBs), has announced new partnerships with Galileo Financial Technologies and MetaBank N.A. and the hiring of a new chief product officer.
According to a Wednesday (June 22) press release, Fundbox entered into both deals — and made the new hire — to accelerate the development and deployment of new products.
“Our new partnership with Galileo and MetaBank enables us to expand and scale payment offerings on our platform,” Prashant Fuloria, CEO of Fundbox, said in the release. “We will introduce a number of new Flex Pay capabilities later this year, including a bill pay functionality where customers can make fast and easy payments to third party merchants on the platform.”
Galileo Financial Technologies is an open application programming interface (API) platform used by companies in sectors including digital banking, payments processing and cryptocurrency, according to its website.
Galileo CEO Derek White said the partnership will let his company “help Fundbox offer their customers more ways to make purchases and manage expenses.”
Meanwhile, MetaBank N.A. describes itself as a “financial empowerment company.” The company’s main sectors served are payments, tax services, commercial finance and consumer lending, and it “works to increase financial availability, choice, and opportunity for all,” according to its website.
Fundbox also announced the appointment of Chief Product Officer Jin Hwang. He previously was head of product for platform at Marcus by Goldman Sachs and head of the product group at QuickBooks Capital.
Fundbox noted in its announcement that Hwang “brings two decades of experience in product development, design, technology, and finance.”
“As we expand our product platform and significantly scale our business, Jin’s deep fintech product expertise, passion for small business, and experience with product development at scale will be key to building a strategic product roadmap that elevates Fundbox to the next level,” Fuloria said.
Read more: New Visa, Fundbox Flex Debit Card Helps SMBs Manage Spend, Access Working Capital
In May, PYMNTS reported that Fundbox had entered into an arrangement with Visa to offer more payment options to SMBs.
