Companies

Fintech start-up FinBox raises $15 million in Series A funding round 

BL Bengaluru Bureau | | Updated on: Jun 20, 2022
File photo

File photo

Plans to expand to South East Asia and double its workforce.

 

FinBox, a B2B credit infrastructure fintech, has raised $15 million in Series A funding led by A91 Partners. The funding round saw participation from Aditya Birla Ventures and Flipkart Ventures, and existing investor, Arali Ventures. 

FinBox will use this capital to scale its offerings and expand to South East Asia. The company announced that it will be doubling its current workforce to power its expansion.

Through its embedded finance stack and data intelligence suite, FinBox is on track to facilitate 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, the company said. 

Rajat Deshpande, CEO and co-founder of FinBox, said, “The future of financial services lies in every company and brand providing a curated set of offerings to their own users in their platforms. We enable that by allowing any company including fintech, banks, and conglomerates to offer 100 per cent digital products within a matter of days.” 

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.

Kaushik Anand, Partner, A91 Partners, said, “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.”

FinBox also provides credit risk intelligence to more than 25 Banks, NBFCs, FinTechs, and credit marketplaces. Its alternate data product suite predicts and helps price credit risk and further drive collections and cross-sells to borrowers.

Published on June 20, 2022
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