Latest hire marks a period of rapid growth for Fundbox as company scales business on the back of market-leading performance through COVID-19
Fundbox, the financial services platform for small businesses, has named Cetin Duransoy as Chief Operating Officer. He will be responsible for scaling and overseeing the growth of the company’s credit business.
Fundbox’s AI-powered platform aims to unlock growth for millions of small businesses, providing fast and easy access to financial tools that enable customers to cover business-critical operating expenses. Its working capital solution is particularly critical for B2B small businesses in bridging the typical 30-to-90-day receivables gap between the time they deliver a product or service and when they get paid for it.
Duransoy comes to Fundbox from Visa, where he was the company’s Head of Global Installment Products. During his tenure, he oversaw the creation and development of the company’s installment payment ecosystem that enabled issuers to offer, and sellers to display, installment plans to cardholders, authoring the initial white paper and leading the program from conception to launch within three years. Prior to joining Visa, he spent 15 years at Capital One, where he held various leadership roles both in the credit card division and retail bank, including the Small Business Lending and Deposits teams.
“Fundbox is a lifeline for small businesses, unlocking billions of dollars in working capital that are held up every day in unpaid receivables,” Duransoy said. “Our connections to small business bank accounts and invoicing systems, plus our deep integrations with systems used by millions of small businesses, give us an unmatched perspective on the health and growth potential of all kinds of B2B small businesses. With such a strong foundation, I’m excited for the opportunity to scale the credit business at Fundbox, and in turn help our customers reach their full potential.”
Based in San Francisco, Duransoy will oversee the Credit, Risk, Direct Acquisition, Partner Acquisition and Customer Operations teams and report to Fundbox CEO, Prashant Fuloria. His appointment comes on the heels of other recent senior hires from companies including PayPal, Atlassian, and Khosla Ventures.
“Fundbox is poised for rapid growth as we approach a uniquely significant opportunity, which is to support the recovery and expansion of the small business economy as COVID recedes,” said Prashant Fuloria, CEO of Fundbox. “The addition of Cetin to our executive team reinforces our relentless commitment to support small businesses through fast access to trusted financial tools.”
To date, Fundbox has invested more than $130 million in its AI technology and data sources. Whereas most traditional and fintech organizations that offer short-term financing rely on FICO scores and credit bureau reports to determine a borrower’s creditworthiness, Fundbox’s fully automated approach is also based on millions of data points from its direct lending experience. Their unique, AI-driven approach enabled the company to outperform industry peers throughout the COVID-19 pandemic, mitigating losses while continuing to serve existing and acquire new customers.