Thought Leaders in Financial Technology: Eyal Shinar, CEO of Fundbox (Part 3)

Sramana Mitra: Can you walk me through a use case? Let’s say a small business applies to Fundbox for financing. Do you call it financing or do you call it something else?

Eyal Shinar: There are a few gateways to the product. It depends on what you’re solving. I would divide it into two buckets. One bucket would be the B2B sellers or the vendors. They use Fundbox Pay.

Thought Leaders in Financial Technology: Eyal Shinar, CEO of Fundbox (Part 2)

Eyal Shinar: Your distinction between Kabbage and Ondeck, and Amex and Intuit is accurate. But I think it’s missing the big picture. You don’t need credit as a seller if you’re getting paid immediately. You need much less working capital than before. That’s what we’re trying to solve. We’re allowing the seller to get paid instantly.

Sramana Mitra: Let me get one thing sorted out here. Are you talking about your focus being receivable financing?

Thought Leaders in Financial Technology: Eyal Shinar, CEO of Fundbox (Part 1)

Small business credit and receivables financing are going through enormous changes in the FinTech era. This interview delves into some complex issues. Fascinating discussion!

Sramana Mitra: Let’s start by introducing our audience to yourself as well as to Fundbox. We’ve had Fundbox before. Let’s do a quick recap.

Eyal Shinar: I’m the Co-Founder and CEO of Fundbox. There are many ways to describe a company but the most precise and a very high level way is, we’re building the world’s first, and hopefully the largest, B2B payment and credit network.

Thought Leaders in Financial Technology: Terrence McCrossan, CEO of Oversight Systems (Part 3)

Sramana Mitra: When you look around, what are the open problems that you see from your vantage point? I ask this question to all the thought leaders that we bring on to this series.

You’re doing one company but when you look around, you see other problems that if you were starting out, that may be something you would be tackling. What are such problems that you see around that you may want to point our community of entrepreneurs towards?

Thought Leaders in Financial Technology: Terrence McCrossan, CEO of Oversight Systems (Part 2)

Sramana Mitra: When you look at Fortune 500 or Global 2000 customer base, what is the percentage of penetration of this kind of technology?

Terrence McCrossan: Gartner’s data is probably the best proxy for market penetration. They estimate that just 5% of large organizations are using automated analysis tools as part of their audit process. It’s a marketplace that has significant growth.

Thought Leaders in Financial Technology: Terrence McCrossan, CEO of Oversight Systems (Part 1)

The audit function at enterprises is ripe for automation. Read on to learn what’s happening.

Sramana Mitra: Let’s start at the very beginning by introducing yourself as well as Oversight Systems.

Terrence McCrossan: I’m the CEO of Oversight Systems. Oversight is an Atlanta, Georgia-based company that is a leader in AI-based process automation and transaction analysis.

Thought Leaders in Financial Technology: Brock Blake, CEO of Lendio (Part 6)

Sramana Mitra: I’ll tell you from my point of view because in 1Mby1M, we’re trying to get entrepreneurs to be disciplined, scalable, and be able to do more things. If you’re going to go apply for a loan, keeping your QuickBooks up to date is an important piece of the housekeeping.

Brock Blake: Yes, no question. I think everyone knows that. I, 100%, agree with you. I think a business wants to keep their housekeeping in their QuickBooks up to date. But I think that it slips and it’s not always up to date. People at home in their personal life, they want to have their own budget and they want to be able to have it where they’re keeping track of their daily expenses and things like that but it sometimes slips. >>>

Thought Leaders in Financial Technology: Brock Blake, CEO of Lendio (Part 5)

Brock Blake: We have a partnership with Comcast. In Comcast, we have access to proprietary data around how long have they been a customer, how many employees do they have, what’s their track record of payment, etc. Everyone is looking for a unique source of data that they can access to that others can’t. It’s in high demand.

I think a year ago or 18 months ago, lenders were talking about how they were leveraging online data like Yelp and other social profile data points as part of their underwriting. I think that was a hyperbole – a little bit of trying to make it sound sexier than it was. I think that lenders can use social profile data like Yelp to understand. >>>