Bengaluru-based B2B credit infrastructure Fintech platform FinBox has raised $15 million in its Series A funding round. A91 partners led the round, which also witnessed participation from Aditya Birla Ventures, Flipkart Ventures, and existing investor Arali Ventures.
When the market is ending its bullish run, giving way to widespread attrition, the funding has brought some respite for job seekers as the Fin-tech startup has announced that it will be doubling its current workforce to around 170 employees after the fresh funding round. The startup will use a part of the fund to fuel its Southeast Asia expansion.
“The future of financial services lies in every company and brand providing a curated set of offerings to their users in their platforms and ecosystems. It improves trust and the velocity of transactions and helps users get the financial products they want, wherever they want them,” said Rajat Deshpande, chief executive officer and co-founder, FinBox.
“We enable that by allowing any company, including fintech, banks, and conglomerates, to offer 100 percent digital products within a matter of days,” added Rajat Deshpande.
Finbox, a B2B credit infrastructure provider
Started in 2017 by Rajat and Anant Deshpande, Srijan Nagar, and Nikhil Bhawsinka, FinBox has ZestMoney, Khatabook, TrueBalance, Home Credit India, and IIFL as its client. It is a business-to-business (B2B) credit infrastructure provider which enables any digital platform, fintech or non-fintech, to launch credit products such as buy now pay later (BNPL), personal loans, and working capital loans and other digital offerings.
The startup claims to facilitate the disbursement of more than INR 20,000 crore in credit by March 2023 through its 50 partners, including other banks, fintech and non-banking financial companies (NBFCs).
“Financial services are moving out of the physical premises into the palms of the users, and this requires credit and underlying value chains to be reimagined and built from the ground up for a digital-first era. FinBox is the region’s most prominent credit infrastructure player, 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,” said Kaushik Anand, Partner, A91 Partners.
A few months back, the Fintech startup partnered with Vyapar, an accounting app to offer credit to more than 9 lakh SMEs across India. FinBox’s proprietary Embedded Finance Stack enables Vyapar to provide business loans to the merchants in its ecosystem. Everything from the application and underwriting to disbursement is done in-app as part of this partnership, providing a seamless experience to the borrowers.