Fintech Fundbox Inc. has raised $176 million in a new funding round from investors including Allianz SE and General Catalyst. The company plans to announce the funding along with a new $150 million credit facility.
A Fundbox spokesman said the new round valued the company at between $500 million and $1 billion, but would not disclose the exact valuation.
The San Francisco-based startup is both a lender and a payments processor for small businesses. It uses artificial intelligence to assess the creditworthiness of potential borrowers, collecting data from other software and services used by the business, as well as their bank accounts.