Finbox, a fintech that provides B2B digital credit infrastructure to consumer fintech platforms, has announced a new $15Mn fundraise. The round was led by A91 Partners with participation from Aditya Birla Ventures and Flipkart Ventures. Existing investors Arali Ventures also participated in the round.
Primarily, Finbox will use this fresh capital for expansion into South East Asia and doubling its team.
Finbox offers a complete suite of B2B digital credit infrastructure, to help consumer fintech companies disburse credit. Through its embedded finance stack and data intelligence suite, the platform is on track to facilitate disbursement of over ₹20,000 crore in credit by March 2023 through its ecosystem of more than 50 partners, including NBFCs, Banks, and FinTechs.
“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,” says Rajat Deshpande, CEO and co-founder of FinBox.
Deshpande added that the goal at FinBox is to take the complexity out of financial services and make it easier to build and launch newer, more effective products without hard work.
With FinBox’s digital credit suite, both fintech and non-fintech digital platforms can easily offer credit solutions such as BNPL, Personal loans, Working Capital loans, Invoice Financing, etc. Apart from its API stack, FinBox 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.
FinBox already counts some of the largest fintech startups as well as traditional financial companies as its clients. This includes the likes of khatabook, ZestMoney, IIFL, True balance among others.
With more than 25 anchor platforms using FinBox Embedded Finance Stack to launch and scale credit products, FinBox is now going after large enterprise clients across lenders and conglomerates.
