FinBox, a Bengaluru-based B2B credit infrastructure fintech has secured $15 million (Rs 115 Crore) in Series A to scale its offerings and expand to South East Asia.
Furthermore, the company revealed that it’ll be doubling its current workforce to power its expansion.
According to a press statement, this fresh funds will facilitate FinBox to disburse over Rs 20,000 crore worth of credit by 2023 and will launch the fintech startup in several parts of South East Asia. led by A91 Partners, along with participation from Aditya Birla Ventures and Flipkart Ventures. Existing investors Arali Ventures also participated in the round.
FinBox records 700 percent growth in monthly revenues
The firm over the previous 12 months,has seen its monthly revenue grow more than 700 percent, even as its credit facilitation GMV grew by more than 80x post the launch of its Embedded Finance platform in January 2021. With this funding, FinBox aims to power over 10 million SMEs through formal credit through its marquee partnerships with 50+ banks, NBFCs, and FinTechs, the company stated.
Founded by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar, FinBox is a B2B credit risk management platform with proprietary data connectors that assists in lending to self-employed merchants, non-banking financial companies (NBFCs), and new-to-credit customers.
FinBox counts the likes of ZestMoney, Khatabook, TrueBalance, Home Credit India, IIFL, large conglomerates, telcos, banks, NBFCs, and other Fortune India 500 companies among its clients.
Speaking about the funding rationale, Rajat Deshpande, CEO and Co-founder, FinBox, stated, “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.”
Deshpande added that the goal at FinBox is to take the complexity out of financial services and make it easier to build and launch newer, more effective products without hard work.
Kaushik Anand, Partner, A91 Partners, says, “Financial services are moving out of the physical premises into the palms of the users. This requires credit and underlying value chains to be reimagined and built from the ground up for a digital-first era. FinBox is the most prominent credit infrastructure player in the region and we back the team to lead this transformation. FinBox is well placed to become the leading infrastructure player for banking-as-a-service internationally too.”
