FinBox raises $15 Mn in Series A funding round led by A91 Partners
- ByStartupStory | June 20, 2022
FinBox, a business-to-business (B2B) credit infrastructure-focused fintech firm run by Moshpit Technologies, announced on Monday that it has secured $15 million (about Rs 115 crore) in a funding round led by A91 Partners. Aditya Birla Ventures and Flipkart, as well as current investor Arali Ventures, participated in the round.
FinBox plans to utilise the funds to expand its offerings and reach out to Southeast Asia, according to a press release. To fuel its expansion, the corporation also stated that it will double its present personnel. FinBox will be able to disburse over Rs 20,000 crore in loans by 2023 as a result of this funding, and the fintech firm will be launched in numerous countries in Southeast Asia and the Middle East.
The company’s monthly revenue has increased by more than 700 per cent in the previous year, while its credit facilitation GMV has increased by more than 80 times since the debut of its Embedded Finance platform in January 2021. FinBox plans to use the funds to help over 10 million SMEs gain access to formal finance through its partnerships with 50+ banks, NBFCs, and FinTechs, according to the company.
FinBox is a B2B credit risk management platform with unique data connectors that facilitates lending to self-employed merchants, non-banking financial firms (NBFCs), and new-to-credit consumers, founded by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar. ZestMoney, Khatabook, TrueBalance, Home Credit India, IIFL, as well as huge conglomerates, telecoms, banks, NBFCs, and other Fortune India 500 firms, are among FinBox’s clients.
Rajat Deshpande, CEO and Co-founder of FinBox, said, “The future of financial services resides in every firm and brand giving a tailored set of offerings to their own people in their own platforms and ecosystems, This enhances not only trust but also transaction velocity, allowing customers to acquire the financial goods they want, when and when they want them. We make this possible by enabling any organisation, including fintech, banks, and conglomerates, to deliver 100 per cent digital products in days.” according to Deshpande, FinBox’s mission is to simplify financial services by making it easier to design and deliver better, more effective products with less effort.
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