San Francisco Startup That Lends Money to Small Businesses Plants Flag in Plano

Venture-backed San Francisco startup Fundbox, which lends money to small and medium-sized businesses, is planting its flag in Texas by opening a Plano office that's expected to grow to 100 employees.The financial technology company uses artificial intelligence and machine learning to assess the risk of companies and speed up access to a revolving business line of credit. A company can apply for a credit line online or through an app and get an answer within minutes. The credit line can be used to help a company make payroll, stock up on inventory or fund growth. The company pays a weekly fee to Fundbox, based on a percentage of the total credit it's using.Fundbox's temporary office is in Legacy Tower, near large offices for JPMorgan Chase and Capital One and the headquarters of Beal Bank. As it looks for permanent space nearby, it'll open next week with a small team from San Francisco and 10 new hires, said Abbie McBride, vice president of sales and operations. She said Fundbox plans to grow to 40 people by July and 75 to 100 employees in two years."Our business is growing quite rapidly, so there’s a strong possibility that accelerates," she said.  Continue reading...