What’s Facebook up to with its Invoice Fast Track program?
- Facebook hasn't found a lot of success in its fintech efforts.
- Now, the firm has shifted from B2C to B2B with a new invoice financing solution.
Facebook has attempted to leg into financial services at various times without a lot of success. Facebook Pay, WhatsApp Pay and Instagram Pay haven’t found their footing. The firm’s crypto Diem project has been plagued with problems, compelling the firm to develop a new digital wallet to build demand. The social media firm is now experimenting with small business lending with its new Invoice Fast Track program.
The announcement: In September, Facebook publicly introduced Invoice Fast Track, paying out small businesses immediately on their outstanding invoices. Facebook isn’t making this new service available to all businesses, though. Invoice Fast Track is available to U.S. for-profit companies that are certified as majority-owned, operated and controlled by racial or ethnic minorities, women, U.S. military veterans, LGBTQ+ people or people with disabilities. Companies must be certified by an approved partner organization. The service began October 1.
Facebook has earmarked up to $100 million to buy invoices from approximately 30,000 businesses. The program is being run in partnership with technology vendors, Supplier Success and Crowdz.
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