A press release late last week said Fundbox is integrating its solution into the Eventbrite platform to link event creators with access to credit. According to U.S. Bureau of Labor statistics cited in Fundbox’s announcement, the event industry is slated to grow 44 percent between 2010 and 2020.
Event creators can face a working capital crunch management when paying for the venue deposit and costs of entertainment, catering, staff and marketing. Industry professionals using the Eventbrite solution, which facilitates ticketing for event creators, will have access to capital throughout the stages of event planning.
A Fundbox extension will be available in the Eventbrite extensions marketplace, the companies explained, and can connect their bank accounts into the platform to receive credit as soon as the next business day after approval. Fundbox underwrites financing using financial data of customers using Eventbrite, including sales history.
“We’re excited to welcome Fundbox into our partner community as an option for event creators who require additional capital to grow their business,” said Eventbrite Vice President of Platform Product Gilad Horev in a statement. “With this integration, event creators of all sizes can connect Fundbox to their Eventbrite account and leverage their historical sales data to qualify for a loan that they can use to reserve a larger venue, hire more staff or reach more attendees.”
In March, Fundbox COO Prashant Fuloria spoke with PYMNTS about its latest offering, Fundbox Pay, which enables suppliers to request payment directly when an invoice is presented to a small business customer, while linking that customer to financing via Fundbox.
“By making credit available at the point of transaction, we’re bringing credit closer to the moment of relevance,” explained Fuloria. “We’re trying to make a better transaction for buyers and sellers and addressing the root cause of what drives a lot of cash flow challenges.”