Wharton FinTech Podcast Fundbox CEO, Prashant Fuloria - Democratizing SMB Financing & Leveraging AI For Accessible Capital
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Dec 11, 2024 Prashant Fuloria, CEO of Fundbox and former leader at Google, Facebook, and Yahoo, discusses transforming SMB financing. He sheds light on how Fundbox's AI-driven platform democratizes access to capital for small businesses. Prashant shares insights on the significance of trust in lending and innovative strategies to build long-term relationships in finance. He also explores the integration of financing options in invoicing platforms, improving user experience in securing funds swiftly, highlighting the evolving landscape of fintech.
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From Academia to Startup Startup Life
- Prashant Fuloria moved from academia to tech startups driven by his passion for teamwork and involvement in the booming Silicon Valley tech scene in 1999.
- At a five-person startup, he wore many hats, gaining valuable end-to-end startup experience that shaped his career path.
Credit Challenges for SMBs
- Credit is unique because desperation for credit doesn't always indicate a good customer or product fit.
- Small business lending is challenging due to fragmentation and distribution complexity in the market.
Fundbox Addressing SMB Funding Gap
- Small businesses power about half of the US GDP and employment but remain largely underserved by traditional lenders.
- Despite digitalization and data growth, banks have pulled back lending, enlarging the SMB funding gap Fundbox aims to close.