As business software mainstay Intuit restructures its business, divesting its flagship product Quicken and others, the accounting SaaS firm is pivoting more directly to helping small businesses manage their cash flow.
Part of that strategy comes from Intuit’s ability to access the data it helps SMEs manage on its platform. With so much corporate financial data in its system, Intuit already has a leg up on some of its competition to lessen the risk of small business lending.
The corporation is moving forward with that strategy, it seems, following news that Intuit will be working with invoice financing platform Fundbox to stream working capital into businesses using Intuit’s QuickBooks accounting software.
[bctt tweet=”Intuit will be working with invoice financing platform Fundbox for business users.”]
Intuit announced the partnership on Wednesday (Oct. 21), noting that instead of providing factoring services, in which a company sells its outstanding invoice, Intuit and Fundbox will still allow businesses to manage their own invoices but access the financing they need while those invoices remain unpaid.
The companies said that businesses will not have to submit paperwork or undergo a credit check because all of their financial data is already on the QuickBooks platform.
"This is all about making it easier for small businesses to access the short-term financing they need at the click of a button,” said Intuit Small Business Group Vice President Alex Chriss in a statement. “Our partnership with Fundbox enables us to deliver a financing solution to our small business customers that streamlines the application process, offers quicker decision-making and, most importantly, offers fair and transparent pricing."
According to Intuit, the service charges a $3 to $5 weekly fee for businesses, on average.
In a statement, Fundbox CEO Eyal Shinar said that the partnership fits with his company’s use of Big Data analytics and sophisticated business intelligence to ease the friction of small business borrowing and mitigate risk for lenders.