Fintech firm FinBox has raised USD 15 million (about Rs 115 crore) in a funding round led by A91 Partners with participation from Aditya Birla Ventures and Flipkart Ventures.
Existing investor Arali Ventures also participated in the round. FinBox will use this capital to scale its offerings and expand to South-East Asia as well as double its current workforce to power its expansion, the company said on Monday.
“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. We enable that by allowing any company including fintechs, banks, and conglomerates to offer 100 per cent digital products within a matter of days,” FinBox CEO and Co-Founder Rajat Deshpande said.
FinBox’s technology enables any digital platform (both fintech and non-fintech) to launch digital credit products such as buy-now-pay-later services, personal loans, working capital loans, invoice financing, etc and provides requisite intelligence through its data-based offerings.
FinBox claims to be on track to facilitate the disbursement of more than Rs 20,000 crore in credit by March 2023 through its ecosystem of more than 50 partners, including NBFCs, banks, and fintech.
“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,” Kaushik Anand, Partner at A91 Partners said.