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Fundkite Review: Pros, Cons, & How to Apply

Merchant cash advances provide accessible and fast funding to small businesses. Deciding on the right merchant cash advance company can be challenging, though.

Fundkite is one option to consider as it provides advances up to $2 million. However, the funder might not be the right fit for every small business owner.

We can help you decide if Fundkite is the best choice for your company by covering the benefits, drawbacks, and funding process. Specifically, we’ll answer these questions and more:

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    What is Fundkite?

    dollars, currency, money, cash advance, busines funding

    Fundkite is a direct funder for merchant cash advances to help fuel small business growth. It specializes in accessible funding with fast approvals and funding time.

    The company launched in 2015 and has since funded over $900 million. It’s headquartered in Miami, FL, with an additional New York, NY office.

    How does Fundkite work?

    The funder offers a single product.

    Merchant Cash Advance

    • Advance amounts: Up to $2 million.
    • Rates: Undisclosed.
    • Terms: Up to 220 days.
    • Funding time: As soon as 24 hours.

    A merchant cash advance (MCA) provides business funding as an upfront sum of cash to purchase future receivables. It’s a short-term solution designed to help you meet urgent needs.

    MCAs can be an expensive way to get business funding, but you do not incur traditional debt. The product doesn’t use interest rates but something called factor rates, or as Fundkite calls them, buy rates.

    The company doesn’t provide buy rate ranges but uses the buy rate of 1.2 as an example on its website. If you received a cash advance of $100,000 at a buy rate of 1.2, the total repayment amount would be $120,000 ($100,000 x 1.2 = $120,000).

    While you can think of the extra $20,000 as “interest,” the funding structure is really a transaction where Fundkite purchases $120,000 of receivables for a $100,000 advance.

    Merchants are required to pay the amount due within the set terms, which can go as high as 220 days. You’ll repay the amount with a remittance of your sales, sometimes called a holdback rate.

    The funder determines your advance amount, buy rate, and terms based on your previous sales history and the strength of your credit profile. You can use the funds for most business needs, such as:

    • Payroll.
    • Remodeling.
    • Inventory.
    • Working capital.
    • Expansion.
    • Marketing.
    • Equipment purchases.

    What are the qualifications for Fundkite?

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    The funder welcomes business owners of all credit scores, time in business, and revenue to apply. It does not set any minimum requirements.

    When you apply, you’ll provide access to your business bank account. The funder analyzes your credit profile and the strength of your business when making decisions. It states it approves most applicants, provided they have verifiable revenue.

    For Fundkite, You Need to Know That:

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    Merchant cash advances are accessible and provide fast funding but come at a premium cost. If approved for a Fundkite MCA, ensure your revenue streams can handle the repayment structure. You’ll repay the advance with a percentage of your revenue, which can affect your cash flow and profits.

    While the company markets to many industries, there are a few restrictions. Companies in the following industries are ineligible for a Fundkite MCA:

    • Debt settlement.
    • Digital currency.
    • Gambling.
    • Financial institutions.
    • Lending.

    The company provides a business loan affiliate program. The program includes accountants, ISO and MCA brokers, affiliates, banks, merchant processing, and other funders.

    It also offers a syndication program, MCA for Investors. This program allows investors to inject their own equity into an MCA and take a percentage of the profit from the buy rate. Essentially, the investor co-funds the MCA with Fundkite.

    How to apply to Fundkite:

    signature, contract, funding

    The application process is quick and easy. Follow these steps to apply.

    Step 1: Submit an Application

    The first step is to complete the 3-page online application. You’ll enter information about your business, including contact info and your tax ID. You’ll also enter how much you are looking for and how you intend to use the funds.

    On the next page, you’ll enter personal information about yourself. Next, you’ll upload your four most recent business bank statements, confirm the information, and submit the application.

    Step 2: Review & Accept Offer

    If approved, Fundkite will send you an offer. Carefully consider the amount, buy rates, terms, and other information. Take the time to ensure the repayment structure will work since it is costly.

    Step 3: Submit Business Documents

    You must submit additional business documents to confirm some information and complete underwriting.

    Step 4: Get Funded

    If everything goes smoothly, you could get approved on the same day and receive your funds within 24 hours of approval. The company will send the money via ACH or wire transfer.

    Fundkite, Post Funding:

    clock, money, growth, funding

    Repayment is processed with an ACH transfer from your business bank account or via credit card transactions. There are no fixed payments. Instead, repayment is based on a percentage of your sales.

    For example, let’s say your holdback rate is 15%. On day 1, you make sales totaling $1,000. In that case, $150 from the sales would go payback, and the other $850 would go into the business. On Day 2, you make $1,300 in sales. Your payment would be $195, and you’d keep $1,105.

    The company uses a process called reconciliation to determine your payments. Here’s how the process works:

    • The company reviews your sales deposits, and it calculates the remittance amount.
    • You get a notification of the reconciliation result.
    • The payment is debited from your account the next day.

    Unfortunately, the company does not provide any information on prepayment penalties, early payment discounts, or renewals. It does state there are no late payment fees, though.

    What are the advantages of Fundkite?

    teamwork, cooperation, funding

    Small business owners can complete the application quickly and potentially receive same-day approval. Once approved, you can get your funds within 24 hours.

    Advance amounts go up to $2 million. You get a dedicated support team. There is no minimum FICO score to apply.

    What are the disadvantages of Fundkite?

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    Merchant cash advances are one of the most expensive business funding products available. Between the high rates, short terms, and frequent repayments, the costs can strain your cash flow.

    You cannot estimate the costs of Fundkite merchant cash advance because it does not disclose its rates and fees. You must apply and get an offer before seeing what it will cost you.

    Pros & Cons

    pros, and, cons, funding


    • Quick and easy application process.
    • Same-day approval is possible.
    • You could get your funds within 24 hours.
    • There is no minimum credit score to apply.
    • Advance amounts go up to $2 million.


    • One of the highest-cost business funding products.
    • Requires frequent repayment on short terms.
    • It doesn’t disclose buy rates or fees.
    • No information on prepayment penalties or early payment discounts.

    Apply for business funding through United Capital Source today.

    Fundkite Frequently Asked Questions

    Is Fundkite legit?

    Yes, Fundkite is a legitimate merchant cash advance funder. The company is Better Business Bureau (BBB) accredited with an A+ rating.

    What do Fundkite reviews typically focus on?

    peer review icon, peer review, review

    The company has primarily positive reviews but also some negative ones. It has a 4.4 out of 5 rating on over 60 Trustpilot reviews and a 3.7 out of 5 rating on twelve Google reviews.

    The positive reviews discuss the ease and speed of the application process. Most customers are happy with the fast-funding time as well. Many reviews praise the customer service team, with several calling out their representatives by name.

    The negative reviews largely come from customers who were denied approval. Several complained that they were denied after submitting sensitive documents and information. A few reviews complained about the cost. One customer claimed that the representative called the product a loan, and he was surprised to learn it was a transaction after receiving the contract.

    What if Fundkite declines me?

    Since the funder doesn’t publish qualifications, there’s no way to know if you’re eligible until you apply. You might also be in a restricted industry. It does suggest most people get approved. Fundkite states that if you’re one of the few who get declined, they’ll let you know immediately and give you tips on improving.

    Fortunately, there are many online funders and lenders to consider if Fundkite doesn’t work for you. You shouldn’t have trouble finding another merchant cash advance provider, as this business funding method has grown significantly in recent years.

    You might also be interested in one of the following small business loans:

    Making Your Decision

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    Fundkite is best suited for small business owners who can’t qualify for traditional financing, have an urgent funding need, and only need a single product. It’s also suited for business owners who are okay with applying without knowing the rate or fee ranges.

    Established businesses with good credit can qualify for lower-cost financing with longer repayment terms. You might also be able to get a fast-funding option, though it’s typically more expensive than traditional financing.

    Based on the available information, we rate Fundkite at 3.85 out of 5. The company is a reasonable option for MCAs, but the lack of transparency and not offering products hold it back.

    Disclaimer: The FundKite trademark is owned by AKF, Inc. DBA FundKite and its use herein is for reference purposes only and it does not indicate sponsorship or endorsement from AKF, Inc. DBA FundKite.

    Apply for business funding through United Capital Source today.

    Why Choose United Capital Source?

    Why businesses choose UCS:

    Quick funding options that won’t affect credit
    Access to 75+ lenders with multiple products to choose from
    Financing up to $5 million in as few as 3 days
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        At UCS, we understand the value of your time and want to ensure that your application has a great chance of approval. Please take note of the following details before applying:
        • To be eligible, it’s necessary to have a business bank account with a well-established U.S. bank such as Chase, Wells Fargo, Bank of America, Citibank, or other major banks. Unfortunately, online-based bank accounts like PayPal, Chime, CashApp, etc., are not permitted.
        • When describing your current average monthly sales deposits to your business bank account, please provide accurate information. Our approval process is based on your current business performance, and it’s essential to provide accurate details about your current sales in the first question on the application form. We cannot approve applications based on projected revenues after receiving funding.
        We appreciate your understanding and cooperation in ensuring a smooth and successful application process.
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