ShipBob Offers Access to Financing Program Powered by Slope
ShipBob now offers the users of its global supply chain and fulfillment platform for eCommerce merchants access to a new financing program.
The new financing program, ShipBob Capital, is powered by JPMorgan-backed Slope and can be accessed through a Finances tab in the ShipBob dashboard, ShipBob said in a Thursday (Feb. 27) press release.
ShipBob Capital offers ShipBob customers, who are small- to medium-sized business (SMB) and mid-market eCommerce merchants, access to a flexible line of credit that they can withdraw at any time, according to the release.
The program offers eligible merchants approval for up to $250,000 instantly and up to millions of dollars in as little as two days; a choice of repayment plans with competitive APRs; and an application process that takes about five minutes, per the release.
“With ShipBob Capital, our merchants can access the funding they need to invest in their business and scale, whether that means stocking up on more inventory or launching new products, without worrying about cash flow constraints,” ShipBob CEO and Co-founder Dhruv Saxena said in the release.
Because ShipBob Capital, powered by Slope, is built into ShipBob’s platform, Slope has real-time operational insights into borrowers’ actual order volumes, inventory turnover and shipping data, which enable better underwriting and higher approvals, Slope Co-founder and Chief Product Officer Alice Deng wrote in a Thursday blog post.
“Slope’s underwriting and product design make applying simple, approvals fast, and accessing capital frictionless,” Deng wrote. “It’s built directly into the ShipBob dashboard, so getting capital is as easy as managing fulfillment.”
When Slope raised $30 million in an equity round in September 2023 to scale its artificial intelligence (AI)-powered payments platform for B2B businesses, the company said its platform included consumer-grade checkout processes, customer and vendor risk assessment, payment reconciliation and cash management. Slope added that its AI tools power these functions to deliver order-to-cash workflow automation.
ShipBob raised $200 million in a Series E funding round in June 2021, saying that it was working with a growing number of eCommerce businesses, expanding its app store integrations and adding to its network of fulfillment centers.
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