FinBox, a Fintech startup raised $15M funding in Series A

FinBox is a Bengaluru-based B2B credit infrastructure fintech startup that has raised $15 million (Rs 115 Crore) with the help of A91 Partners, Aditya Birla Ventures, and Flipkart Ventures.

FinBox is planning to utilize the following fresh funding capital in the ways,

To scale its offerings and expand to South East Asia, and
In doubling its current workforce to power its expansion.

These funds will enable FinBox to disburse over Rs 20,000 crore by the year 2023 and will be planning to introduce the startup plan in several parts of South East Asia.

Since a year ago, the company has seen a monthly revenue boost of more than 700%. FinBox also has a vision to power over 10 million SMEs through formal credit through its marquee partnerships with 50+ banks, NBFCs, and FinTechs.

FinBox was founded by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar. This 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.

The goal of FinBox is to tackle the complexity of financial services and make it easier to build, and more effective products without hard work.

EXECUTIVE OPINION:

Rajat Deshpande, CEO, and Co-founder, FinBox, mentioned, “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 fintech, banks, and conglomerates, to offer 100 percent digital products within a matter of days."

Kaushik Anand, the Partner, A91 Partners, said, "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."

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FinBox, a Fintech startup raised $15M funding in Series A

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