Fundbox is an innovative AI company within the Financial Technology (Fintech) sector dedicated to financial inclusion by making access to business capital "frictionless". After observing that tradition underwriting techniques limited access to credit for small businesses due to the overhead costs (the average credit application costs $3,500.00 USD to process) and because small businesses typically request lower sized loans. Therefore it's not cost effective for lenders to underwrite loans that are typically less than $50,000 USD.
So to address this issue, Eyal built a company that uses AI and machine learning models to automate the underwriting processes for small businesses. Through this automation, the costs to underwrite is almost zero and so, Fundbox can serve even the smallest of small businesses. In addition, because he believes so much in financial inclusion, he endorsed a company research project called "What If" (https://fundbox.com/resources/gender-credit-gap/) where the company chronicled women business owners and their journey for fair and equal access to credit. We then assessed our own data to determine if our approach enabled more women to have access to credit (what we call, "closing the gender credit gap) and we found that our new approach to underwriting did, in fact, enable a great % of women to have access to the capital they need to grow their business. As a company, we will continue to use data and machine learning so that more small business owners have access to the capital they need in order to grow their businesses.