finbox: B2B fintech company FinBox raises $15 million

Bengaluru: FinBox, an embedded finance infrastructure provider, has raised $15 million, led by A91 Partners, Aditya Birla Ventures and Flipkart Ventures and existing investor Arali Ventures.

The B2B fintech company plans to use the latest capital to scale up its offerings and expand to the Southeast Asia (SEA) market. The company said it would double its workforce to power the expansion plan.

“We have two lines of underwritings – device-based and bank statement-based… We are planning to expand both these products further in Southeast Asia,” cofounder Rajat Deshpande told ET.

The company has already entered the Vietnam market and plans to launch soon in Indonesia as well. “After six months, we will launch our embedded finance products in SEA,” he added.

“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 well placed to become the leading infrastructure player for banking-as-a-service internationally, too,” said Kaushik Anand, Partner, A91 Partners.

Embedded finance is a strategy that non-financial companies adopt to get into financial services by launching products such as Buy Now Pay Later or BNPL, loans, or credit cards. Service providers such as FinBox enable enterprises or lenders to launch financial services without having to build the in-house technology or recruit hundreds of people to run it.

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Currently, FinBox counts the likes of BNPL startup ZestMoney, Khatabook, TrueBalance, Home Credit India, IIFL and other Fortune India 500 companies among its clients.

“India is our most important market. We are deepening our product suite across the MSME lending value chain in India,” Deshpande said.

Founded in 2017 by Deshpande, Anant Deshpande, Srijan Nagar, and Nikhil Bhawsinka, FinBox is also launching new products such as consumer optimisation and equal daily instalment (EDI) stacks with QR codes in India.

Apart from its application programming interface (API) stack, FinBox provides credit risk intelligence to more than 25 banks, NBFCs, fintech firms, and credit marketplaces.

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