Fintech startup FinBox has raised $15 million in a funding round led by A91 Partners. Aditya Birla Ventures and Flipkart along with existing investors Arali Ventures also participated in the funding round.
The company will use the fresh infusion to expand its offering in Southeast Asian markets and double its staff from 85 currently, it said in a statement.
Founded in 2017 by Rajat Deshpande, Anant Deshpande, Srijan Nagar and Nikhil Bhawsinka, FinBox enables platforms in the fintech and non-fintech space to launch digital credit products such as BNPL (buy now pay later), personal loans, working capital loans, invoice financing.
“We are driven to change the unit economics of the current lending setup such that lending becomes an opportunity for value creation and capture. There are already thousands of high-frequency platforms where Indian entrepreneurs aggregate to run their business ops such as accounting apps, HR tech apps, retail apps, B2B ecommerce platforms, GST ecosystem. Our financial services stack enables these platforms to launch innovative credit products for their users and become their financial services providers of choice,” said Rajat Deshpande, chief executive officer, co-founder, FinBox.
“Financial services are moving out of the physical premises into the palms of the users. This requires credit and reimagination of underlying value chains. FinBox is the most prominent credit infrastructure player in the region and we back the team to lead this transformation. It is well placed to become the leading infrastructure player for banking-as-a-service internationally as well,” said Kaushik Anand, partner, A91 Partners.
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