CHENNAI: FinBoxa B2B fintech lending infrastructure company, has raised US$15 million (around Rs 115 billion) in a round led by A91 Partners Aditya Birla Ventures and Flipkart Ventures. Existing investors Arali Ventures also participated in the round.
FinBox plans to use the capital to scale its offering and expand into Southeast Asia. The company said it will double its current workforce to fuel its expansion.
FinBox said it is on track to disburse more than Rs 20,000 in loans by March 2023 through its ecosystem of more than 50 partners including NBFCs, banks and fintechs.
FinBox’s technology enables any digital platform (both fintech and non-fintech) to launch digital lending products such as BNPL, personal loans, working capital loans, bill financing and others, while the data analysis capabilities provide the necessary information for lending decisions.
Apart from its API stack, FinBox provides credit risk information to 25+ banks, NBFCs, fintechs and lending marketplaces.
“The future of financial services lies in every company and brand offering a curated set of offerings to their own users on their own platforms and ecosystems. This not only improves trust but also transaction speeds, helping users get the financial products they want, wherever they want them. We make this possible by enabling any company, including fintechs, banks and conglomerates, to offer 100% digital products within days,” said Rajat Deshpande, co-founder and CEO of FinBox.
FinBox counts such as zestmoneyKhatabook, TrueBalance, Home Credit India, IIFL, Big Conglomerates, Telcos, Banks, NBFCs and other Fortune India 500 companies among its clients.