Fintech startup, FinBox has raised $15 million in its Series A round led by A91 Partners where Aditya Birla Ventures, Flipkart Ventures, Arali Ventures also participated. These funds will be used to expand operations to South East Asia and the Middle East and also double its workforce to 170 employees, the company said in a statement on Monday.
FinBox 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, working capital loans and other digital offerings.
ZestMoney, Khatabook, TrueBalance, Home Credit India, IIFL are a few of FinBox’s clients, it said. The company further claims to be on track to facilitate the disbursement of more than Rs 20,000 crore in credit by March 2023 through its 50 partners, including other banks, fintechs and non-banking financial company (NBFCs).
“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,” said Kaushik Anand, Partner, A91 Partners.
Bengaluru-based FinBox was started in 2017 by Rajat and Anant Deshpande, Srijan Nagar, and Nikhil Bhawsinka.
“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 fintechs, banks, and conglomerates to offer 100% digital products within a matter of days,” said Rajat Deshpande, chief executive officer and co-founder, FinBox.