FlexiLoans, a digital lending platform, has raised $90 million as a part of its Series B funding round from Denmark-based private equity firm Maj Invest and UK-based fintech investor Fasanara Capital.

The funding round also saw participation from the family offices of Hong Kong-based investor Harry Banga and Yogesh Mahansaria (Alliance Tire Group founder) and existing shareholders, including veteran banker and deal maker Sanjay Nayar.

As per the startup, the raised funds will be used to focus on technology development. It plans to double its loan book via its co-lending, buy-now-pay-later services (BNPL), and supply chain finance platforms.

FlexiLoans said that the investment round provides it with a strong runway for its growth as it comes at a time when there is a fintech push by the government, especially for the MSME sector.

FlexiLoans | Digital Lending Platform

Founded by Deepak Jain, Ritesh Jain, Manish Lunia, and Abhishek Kothari in 2016, FlexiLoans is an MSME-focused digital NBFC that claims to be growing at a CAGR of 500 percent. With over 15 lakh registered users, the startup plans to continuously invest in technology and strengthen aspects of customer automation, risk management, and analytics capabilities.

Speaking about the development, Deepak Jain, Co-founder of Flexiloans.com, said,

“We are very excited to have institutional players MAJ Invest, Fasanara Capita, and the Banga and Mahansaria family offices join us in our mission to help small businesses grow in India. Their experience in developing global fintech companies will help us in creating better products as well as organisational building.”

The digital lending platform has built a co-lending platform, Bi-frost, integrated with seven co-lenders, including Fullerton, RBL Bank, and Karur Vysya Bank. As per the startup, around 55-60 percent of new loans are disbursed via the co-lending platform.

Operating in the embedded finance space, FlexiLoans provides financing to sellers or vendors of ecommerce platforms, including Amazon, Flipkart, Myntra, Nykaa, and others.

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