Fundkite Review

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Things to consider.

Fast funding times.

Fundkite is known for its fast funding times. Businesses that get approved can expect to receive their funds within 24 to 72 hours. This quick turnaround is especially useful for small and medium-sized businesses that require immediate capital for time-sensitive opportunities, unexpected expenses, or to maintain their operations during slow periods.

Large loan amounts.

Fundkite offers up to $2 million in funding, making it a great option for SMBs seeking substantial financial support. With a broad range of loan amounts, businesses of all sizes and stages of growth can find a financing solution that suits their requirements.

Typical funding fees.

Fundkite’s 4% origination fee is similar to those of other revenue-based financing lenders, whose fees range from 2% to 5%. The charge is added to your total amount borrowed, then your business is debited a set percentage each day until the balance is repaid in full.

Flexible approval requirements.

Fundkite offers revenue-based financing, meaning some approval requirements are more flexible than traditional financing options. To qualify for this type of financing, your business needs to be in operation for at least one year with a minimum credit score of 600. 

However, it’s important to note that Fundkite requires a minimum monthly revenue of $60,000, making it challenging for newer businesses with lower revenue amounts to qualify. The lender is looking for a proven track record of revenue to ensure you can realistically repay the funds.

Can be expensive.

When considering Fundkite’s financing solutions, businesses should know that revenue-based financing can have higher overall costs than traditional bank loans or other financing options. This is due to Fundkite’s more inclusive approval criteria and faster funding times, which reflect the higher risk that Fundkite assumes. While quick access to capital can be highly advantageous, business owners need to weigh the immediate benefits against the long-term financial implications and factor in the total cost of their loan over time.

Fluctuating payments.

Fundkite is different from other revenue-based financing companies because it uses a fluctuating payment structure based on a percentage of actual sales. This means your payment amount changes according to your revenue. Unlike other companies that use a fixed percentage of your revenue to calculate your payment, Fundkite’s method ensures that if your sales decrease, your payment will also decrease.

Great third-party reviews.

Fundkite is a winner when it comes to reputation. It has an A+ rating from the Better Business Bureau, and borrowers on Trustpilot gave it an average 4.3 out of 5-star rating. Reviews frequently cite quick communications and helpful customer service representatives. Business owners also mention that Fundkite is proactive and provides multiple financing options to consider.

Evaluation

Fundkite is best for:

• Businesses in need of fast cash. With the ability to fund within 24 to 72 hours, Fundkite is ideal for companies that need fast access to capital to seize immediate opportunities or address urgent financial needs.
• Entrepreneurs with less-than-perfect credit. Thanks to its flexible approval requirements, Fundkite offers a viable funding solution for businesses led by entrepreneurs with less-than-perfect credit histories.
• Companies with fluctuating revenues. Fundkite’s fluctuating payment based on sales is particularly suited for businesses experiencing seasonal sales patterns or unpredictable revenue flows.
• SMBs seeking significant funding amounts. With loan offerings up to $2 million, Fundkite caters to small and medium-sized businesses looking to fund major projects, expansions, or other significant investments without the stringent requirements of traditional lenders.

Where Fundkite might fall short:

• High cost of capital. The overall borrowing costs may be higher than conventional loans due to the ease of eligibility, swift approval, and funding process.
• Daily repayments. Having a percentage of your business’s income withdrawn from your account every day can be a strain on your finances.
• Minimum revenue requirement. The stipulation of a $60,000 minimum monthly revenue could exclude smaller or newer businesses still scaling up their operations and revenue streams.

The bottom line.

Fundkite is a compelling choice for many small and medium-sized businesses (SMBs) that need flexible, responsive financing solutions. Its quick funding times, generous loan amounts, and flexible approval criteria make it an attractive option for businesses looking for growth capital. However, potential borrowers should weigh the advantages against the drawbacks, such as the potentially high cost of capital and the daily repayment schedule.Compare your small business financing options with Fundbox and others with a single application through Lendio. We make it easy to make sure you choose the best line of credit or loan for your company.

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