Fundkite Review

Evaluation

Fundkite offers a wide range of financing amounts for small businesses with consistent revenue. Borrow up to $1 million and pay back the balance on a daily basis, based on your receivables. Funding times are quick, so this option may be suited for businesses that need a fast injection of working capital. Discover how Fundkite works to see if it’s a good fit for your small business.

Fast Funding Times

Unlike an SBA loan, which can take months to finalize, Fundkite can get money into your bank account in as little as 24 hours. 

Expect a fast approval response from Fundkite. Eligible borrowers may get a response within two hours of submitting an application and verifying a business bank account. After getting final approval and signing the loan agreement, you could have funds deposited into your account within 24 hours. 

Large Loan Amounts

Funding limits are based on your business revenue because that’s how the balance is repaid. Fundkite offers financing up to $1 million. Whether you want to take advantage of a time-sensitive growth opportunity or need an emergency equipment repair, you can use the funds for nearly any business expense you see fit.

In your contract, you’ll see a set daily revenue percentage that will remit to Fundkite. You’ll get a daily reconciliation amount from Fundkite, and the payment is automatically debited from your business account the next day. Your borrowed amount and repayment percentage will both be based on your revenue and ability to repay.

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 fee 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

Because Fundkite offers revenue-based financing, some of the approval requirements are flexible. For instance, the minimum credit score is just 550. Additionally, your business needs to be in business for only one year. If you’ve had fast success and need cash flow help, you could qualify for financing with Fundkite.

On the flip side, the monthly revenue minimum is $60,000. That means Fundkite isn’t a viable option for less-established businesses with lower revenue amounts. They really want to see a proven track record of revenue to make sure your business can realistically repay the funds.

Excellent 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 give it an average 4.8 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 choose from.

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.

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (September 26, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.