Venture Capital
Fundkite is a New York-based revenue-based finance company founded in 2015 that purchases future receivables from small businesses at a discount, providing same-day or near-term capital to merchants who cannot access traditional bank credit. The company targets businesses generating between $1 million and $5 million in annual gross sales, with an average deal size of approximately $110,000 and a modeled payback period of eight to sixteen months. In 2023, Fundkite generated approximately $70 million in revenue and has raised a total of roughly $200 million in debt and participation capital to fund its balance sheet. The company processes approximately 5,000 applications per month, extends offers to about 1,300 of those, and is targeting $300 million in funding volume for 2024. A team of 90 full-time employees, including five engineers, supports the operation. CEO Alex Shvarts, 55, founded the company and remains deeply involved in its technology architecture, writing code alongside a small engineering team. Fundkite's underwriting model centers on cash flow analysis of bank statements rather than credit scores, and the company has maintained a lifetime charge-off rate of approximately 6.8 percent while recovering roughly 50 percent of receivables that enter default before being written off.
- Revenue
- $70M
- Customers
- -
- Year founded
- 2015
- Funding
- -
- Team size
- 90
- Location
- United States