NEW YORK, Jan. 16, 2024 /PRNewswire-PRWeb/ -- Toolbox, a fintech company backed by notable investors like Harlem Capital, Y Combinator, Kickstart Seed Fund and 1984 Ventures, announced today its new platform designed to help SMBs better manage their cash flow and build healthier businesses for the long-term.
Toolbox's launch is both timely and crucial. According to a report by U.S. Bank, 82% of business failures are attributed to cash flow problems, and in a recent survey by Codat, 67% of SMBs said their most difficult tasks were managing and reconciling expenses.
"Last year, we saw businesses with $5M+ in revenue still grappling with unforeseen cash flow challenges. That's when we decided to confront these issues directly—by building an all-in-one platform where business owners and finance teams can control and manage cash flows for better profitability and long-term success," said Wil Eyi, Founder and CEO of Toolbox.
Toolbox initially launched with a corporate card product in 2022, and the company is doubling down on financial products and tools that allow SMBs to scale.
"Navigating cash flow is often the toughest part of running a company. With Toolbox, we're turning this challenge into an opportunity for unparalleled business growth and stability," said Eyi.
Toolbox is the finance platform businesses choose to build a more profitable future. By integrating corporate cards, expense management, business funding, banking, and operating insights into a unified platform, Toolbox equips owners and finance teams with the tools to free up cash flow and manage money movement effectively. In the past year, Toolbox has expanded its suite of services, reinforcing its commitment to aiding SMBs in efficient cash flow management and profitability.