Fundpnb, Inc. is based in San Jose, California, and offers an application-based product which allows owners of businesses to obtain cash flow for the short term, based on the invoices they submit. This works similarly to factoring. The founder and Chief Executive Officer of the company is Satish Palvai.
Fundpnb works in the following way. A Business user signs up through their application and connects their accounting program to take an advance, based on their outstanding invoices. The technology used by Fundpnb assesses key data points concerning the business and advises on whether the customer can be funded. If that is a yes, Fundpnb initiates a credit to the linked bank account of that business customer, placing a set charge of 2% of the advanced amount every 30 days, along with 30-day repayments for a maximum of 90 days. The repayment process takes place automatically.
If, for instance, a business customer was to make a request for an advance on their invoices which total $3,000, and succeeded in paying that off in the same monthly amounts, then the schedule, as well as fees, would appear like the following.
- Principal plus fees: $1,000 plus $60 = $1,060; total payment on: 31st date
- Principal plus fees: $1,000 plus $60 = $1060; total payment on: 61st date
- Principal plus fees: $1,000 plus $60 = $1060; total payment on: 91st date