Fintech Startup FinBox Raises $15M In Series A Funding Round
FinBox, a Bengaluru-based B2B credit infrastructure fintech, has raised $15 million (Rs 115 Crore) in a Series A funding round led by A91 Partners.
The funding round also saw participation from Aditya Birla Ventures, Flipkart Ventures and existing investors Arali Ventures.
As per the startup, the raised funds will be used to scale its offerings and expand to South East Asia. Additionally, FinBox also announced that it would be doubling its current workforce to power its expansion.
FinBox | Building The Next-gen Embedded Finance Infrastructure
Founded by Rajat Deshpande, Nikhil Bhawsinka, Anant Deshpande, and Srijan Nagar, FinBox is a B2B credit risk management platform with proprietary data connectors.
The startup assists in lending to self-employed merchants, non-banking financial companies (NBFCs), and new-to-credit customers, making it seamless for any business to provide tailored credit products to their customers & partners.
Speaking about the development, Rajat Deshpande, CEO and Co-founder, FinBox, said,
“The future of financial services lies in every company and brand providing a curated set of offerings to their own users in their own platforms and ecosystems. This not only improves trust but also the velocity of transactions and helps users get the financial products they want, wherever they want them. We enable that by allowing any company, including fintechs, banks, and conglomerates, to offer 100 percent digital products within a matter of days.”
With this funding, the Bengaluru-based B2B credit infrastructure fintech aims to power over 10 million SMEs through formal credit through its marquee partnerships with 50+ banks, NBFCs, and FinTechs.
As per the startup, this fundraise will enable FinBox to disburse over Rs 20,000 crore worth of credit by 2023. The startup will launch the fintech startup in several parts of South East Asia.
The startup claims that over the last 12 months, it has seen its monthly revenue grow more than 700 percent. Post the launch of its Embedded Finance platform in January 2021, its credit facilitation GMV grew by more than 80x.