Autobooks Integrates Fundbox Infrastructure for SMB Embedded Capital

Autobooks has added access to flexible funding for small- to medium-sized businesses (SMBs) to its platform by partnering with Fundbox.

This collaboration brings together Fundbox’s embedded capital infrastructure for small businesses and Autobooks’ platform that provides receivables, payables, accounting and cash flow management tools integrated within financial institutions’ digital banking experiences, the companies said in a Monday (June 16) press release.

The integration creates Autobooks Capital and gives businesses access to capital within the banking app they already use to manage their finances, with no redirects and no extra accounts, according to the release.

“The launch of Autobooks Capital gives financial institutions a powerful new way to support small business growth with fast, flexible funding, delivered right inside digital banking,” Autobooks CEO Steve Robert said in the release.

Autobooks Capital delivers fast underwriting, competitive rates and flexible repayment options, according to the release.

It is designed to complement traditional lending programs by giving business owners convenient access to working capital for everyday needs like restocking inventory, expanding operations or navigating cash flow challenges, while helping the financial institution retain primacy of the customer relationship, per the release.

“While Fintech 1.0 tried to sidestep financial institutions, we believe that working with banks where small businesses already manage their finances is critical to addressing the trillion-dollar SMB capital opportunity,” Fundbox CEO Prashant Fuloria said in the release.

The emergence of embedded finance and banking-as-a-service (BaaS) is revolutionizing the financial services industry, pushing banks to adapt or risk being outpaced by nimble competitors, according to the PYMNTS Intelligence and NCR Voyix collaboration, “Embedded Finance and BaaS: From Marketing Buzz to Banking Bedrock.”

The report found that 41% of financial institutions are adopting embedded finance solutions and 48% are enhancing their BaaS capabilities.

In another, separate partnership, it was reported in February that Fundbox was collaborating with self-service commerce technology company Cantaloupe on a small business financing solution.

In May, Autobooks announced that it acquired consumer bill pay solutions provider Allied Payment Network to add business bill pay capabilities to the Autobooks platform, thereby bringing together receivables, payables and accounting for financial institutions’ banking experience.

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