Fundwell: Accelerating business funding with advanced AI models from Google Cloud
Reduced underwriting team workload by 30 hours per week
$22 million in funding earned through self-serve customer portal
Funds disbursed to businesses in as little as 24 hours
83% reduction in time to onboard customers to custom web app
$76.6% year-over-year growth in onboarded customers supported by Google Cloud
Fundwell leverages Google Cloud to connect businesses with funders and provide funding in as little as 24 hours.
Fundwell leverages Google Cloud to connect businesses with funders and provide funding in as little as 24 hours.
On its mission to reduce financial barriers to business growth, Fundwell has connected over 5,000 businesses across more than 50 industries with funding partners. The company focuses on offering transparent financial solutions to build long-term relationships with its partners and customers.
Rather than applying for a loan through a traditional bank and getting a single offer, businesses can come to us and get several funding options based on their history and financial health. With over 60 funding partners, we match businesses to funders that make the most sense for their specific situation.
Adam Anzuoni
CTO, Fundwell
"Rather than applying for a loan through a traditional bank and getting a single offer, businesses can come to us and get several funding options based on their history and financial health," says Adam Anzuoni, CTO at Fundwell. "With over 60 funding partners, we match businesses to funders that make the most sense for their specific situation."
To assess financial histories and manage client interactions, Fundwell previously relied on manual processes and a simple tech stack of Gmail and Excel spreadsheets. However, this approach slowed down approval processes and the disbursement of funds, and got in the way of the customer experience. The company sought a more comprehensive infrastructure to support the development of various web applications and help businesses get approved and funded faster. Since 52% of its funding comes from repeat business, including renewals and additional financial products, Fundwell also wanted a solution that would help improve client relationships.
Automating the funding process with Google Cloud
Fundwell evaluated several cloud providers with a focus on scalability, security, and cost effectiveness, ultimately choosing to adopt a multi-cloud approach with Google Cloud as its foundation. Since Fundwell already used Google Workspace for communication and collaboration, the team recognized the value in unifying systems with one provider.
With this new infrastructure, Fundwell built Nebula, its in-house document intelligence application, primarily using Vertex AI. Nebula analyzes financial documents, automating data extraction and risk assessment, and integrates with the company's other business systems.
Google Cloud has been instrumental in our growth. The flexibility and speed of Compute Engine in particular has enabled us to build and deploy custom applications quickly and efficiently.
Adam Anzuoni
CTO, Fundwell
Fundwell leverages a variety of document intelligence tools within Nebula, including models available through the Model Garden on Vertex AI, adapting to specific use cases and evolving technologies in the optical character recognition space.
"Our strategy on deploying AI is outcome driven," Anzuoni says. "We focus on real-world results: reducing manual tasks, accelerating decision-making, and empowering teams to work smarter."
The company hosts Nebula, as well as its customer communication platform Hermes and its customer portal, on Compute Engine, which provides the scalability and flexibility to handle fluctuating workloads and rapid growth. Fundwell also uses Cloud SQL as the backend database for its various applications, and Cloud DNS for load balancing and firewall rules to ensure security and reliability.
"Google Cloud has been instrumental in our growth," Anzuoni says. "The flexibility and speed of Compute Engine in particular has enabled us to build and deploy custom applications quickly and efficiently."
Delivering funds to businesses, faster
Since implementing Google Cloud as the foundation for its platform and customer-facing applications, Fundwell has automated key underwriting processes, improved financial assessments for businesses, and enhanced communication with customers. "Google Cloud allows us to scale our systems up or down as needed, and we only pay based on how much we use," Anzuoni says. "It's cost effective, fast, scalable, and secure, all of which are important to us and our customers."
By automating document analysis and risk profiling for businesses, Fundwell has reduced its underwriting team's workload by 30 hours per week. This reduction in manual effort has effectively added the capacity of another underwriter, freeing the team up to focus on serving more customers and supporting a 76.6% increase in onboarded customers.
Meanwhile, access to Model Garden has enabled Fundwell to iterate faster. The team can now easily experiment with and deploy new AI models to continuously improve its document processing capabilities. As these document intelligence tools evolve, Fundwell has also benefited from a decrease in cost from $0.60 per page to $0.01-$0.02, and is on track for even further cost reduction.
Incorporating AI models into underwriting workflows has helped improve the speed and accuracy of underwriting decisions, leading to better risk management and faster funding approvals. Businesses can now get approved for funding through Fundwell much faster than before through the self-serve customer portal, which empowers them to access and manage their own funding options. Fundwell has generated $22 million in funding through this portal — and over $1 billion in total funding — and can deliver funds to businesses in as little as 24 hours, improving the overall customer journey.
As Fundwell continues to enhance its platform and expand its offerings, the company is exploring how new AI and machine learning tools can automate more manual processes involved in assessing a business's financial health.
Google Cloud allows us to scale our systems up or down as needed, and we only pay based on how much we use. It's cost effective, fast, scalable, and secure, all of which are important to us and our customers.
Adam Anzuoni
CTO, Fundwell
This will support the company on its journey to providing transparent and accessible financing solutions to businesses across the country.
Fundwell is redefining business financing by delivering fast, ethical funding solutions to help small and medium-sized businesses thrive. By combining unmatched speed, simplicity, and personalized service, their financial platform leverages decades of industry expertise and advanced technology to connect business owners with tailored funding options, including small business loans, lines of credit, and revenue-based financing.
Industry: Financial Services
Location: United States
Products: Compute Engine, Vertex AI, Cloud DNS, Cloud SQL, Model Garden on Vertex AI
