Bengaluru-based Fintech Startup FinBox Raises USD 15 Mn In a Funding Round Led by A91 Partners


Bengaluru-based B2B fintech SaaS startup FinBox has raised $15 Mn (INR 115 Cr) in a funding round led by A91 Partners. Aditya Birla Ventures and Flipkart Ventures also participated in the funding round, along with existing investors Arali Ventures.

The company plans to use the latest capital to scale up its offerings and expand to the Southeast Asia (SEA) market. The company said it would double its workforce to power the expansion plan.

“We have two lines of underwritings – device-based and bank statement-based… We are planning to expand both these products further in Southeast Asia. The company has already entered the Vietnam market and plans to launch soon in Indonesia as well,” cofounder Rajat Deshpande told ET.

“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 well placed to become the leading infrastructure player for banking-as-a-service internationally, too,” said Kaushik Anand, Partner, A91 Partners.

Also, Read This: Fintech Startup OneCode Raises USD 13 million In Its Funding Round Led by General Catalyst

FinBox’s technology enables any digital platform (both fintech and non-fintech) to launch digital credit products such as BNPL, Personal loans, Working Capital loans, Invoice Financing, etc while its Data Products provide the requisite intelligence to make optimum credit decisions.

Through its Embedded Finance Stack and data intelligence suite, FinBox is on track to facilitate the disbursement of more than ₹20,000 crore in credit by March 2023 through its ecosystem of more than 50 partners, including NBFCs, Banks, and FinTechs.

Currently, FinBox counts the likes of BNPL startup ZestMoney, Khatabook, TrueBalance, Home Credit India, IIFL and other Fortune India 500 companies among its clients.

Founded in 2017 by Rajat Deshpande, Anant Deshpande, Srijan Nagar, and Nikhil Bhawsinka, FinBox is also launching new products such as consumer optimization and equal daily instalment (EDI) stacks with QR codes in India.

Apart from its application programming interface (API) stack, FinBox provides credit risk intelligence to more than 25 banks, NBFCs, fintech firms, and credit marketplaces.

Also, Read This: Fintech Startup Koshex Raises USD 2.1 million In Its Seed Round Led by Y Combinator



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