Fundbox Future-Proofs Financial Operations and Growth with Partners
HQ San Francisco, CA
Customer Since 2017
Industry Financial Services
We were spending 2.5 days each month on payments and onboarding work, which is now automated. We’re back to doing more business development, which is our goal.—Sasha Dobrolioubov, Business Development, Fundbox
When it comes to small-business loans, time is money. Rather than waiting weeks or even months for a traditional small-business loan from a bank, Fundbox makes it easy to sign up in seconds and get a credit decision in minutes.
Founded just a few years ago, Fundbox already has surpassed 100,000 business customers. A key component to current and future growth is reaching new customers through partners—which include integration partners like Intuit; referral partners like brokers and affiliates; and accounting partners.
According to Sasha Dobrolioubov, who heads up Fundbox business development: “Our channel partner program is really important. We’ve grown it from just a tiny fraction of overall user growth to a significant portion of growth each month. That’s something we’re looking to continue to grow.”
As the partner programs grew, the workload spent on onboarding, tax compliance, and partner payments began to mount each month. Whether partners were getting paid for leads, click-throughs, web-page impressions, or loan originations, the amount of outbound payments being made by Fundbox was increasingly becoming a challenge.
“We manually collected and input all the W9s and voided checks to onboard a partner, and then generated all our monthly partner invoices through HasOffers. Our accounting team input them into QuickBooks, and then we used Bill.com to disperse the funds. That’s a process that would take 20 hours every month, and it was a big pain and error-prone.”
To automate its payment operations, pay partners faster, and reduce errors, Fundbox deployed an end-to-end payables automation workflow with Tipalti integrated with HasOffers. This eliminated the 20-hour workload every month (or one full month annually). The time-to-value for implementing Tipalti took only a few weeks.
“We needed a seamless way to transmit all our partner earnings statements generated within HasOffers over to a mass payments solution that was easy to implement and use, and we got this up and running with Tipalti and all our partners in only three weeks.”
Now on the first business day each month, partner earnings statements are calculated and integrated with Tipalti. Payments are automatically assigned to partners with their applicable bank accounts, TINs, and W9s; and payments are ready for disbursement. “Our controller approves the payments, and typically those will be distributed by day two of the month, which is awesome for us and our partners who are getting paid quickly and in their preferred way,” says Dobrolioubov.
What Dobrolioubov values most about automating partner onboarding and payments is having more time to do strategic business development and growing the partner program. Dobrolioubov and his team want to see the payments continually growing, which means they are adding more topline growth to the business.
“We were spending 2.5 days each month on payments and onboarding work, which is now automated. We’re back to doing more business development, which is our goal,” sums up Dobrolioubov