Through this integration, Harvest users have access to Fundbox invoice clearing technology, which extends credit to freelancers and small businesses against the face value of their outstanding accounts receivables.
Harvest is used by freelancers and small businesses in professional services for tracking project hours and invoicing clients.
Harvest users can create a Fundbox account and connect it using their Harvest credentials. Fundbox uses Harvest data such as client information or hour tracking to build a profile of the business and assess the risk associated with their outstanding invoices. Once connected, the business owner can select an invoice using the “clear this invoice” button. This prompts the Fundbox system to assess and clear the invoice, depositing the funds into the business owner’s bank account within 24 hours.
The technology behind Fundbox is their data-driven SMB risk engine. This allows Fundbox to assess risk and provide credit to small business owners and freelancers for only the invoices being cleared.
Founded in 2012, Fundbox is backed by a number of Silicon Valley entrepreneurs, finance veterans, and venture capitalists including Khosla Ventures, SV Angels, and former CitiGroup CEO Vikram Pandit.
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