Fri. Mar 29th, 2024
FinBox Raises $15 Million In Series A Round; Aims To Expand Business To South-East AsiaPexels

B2B credit risk management platform FinBox, on Monday, raised $15 million in a Series A funding round led by A91 Partners. Aditya Birla Ventures, Flipkart Ventures, and already existing investors Arali Ventures also took part in the round.

The company plans to utilize the funds to ramp up its offerings and spread its reach to South-East Asia. In addition, the company is planning to double down its current workforce to back the expansion.

Rajat Deshpande, CEO, and co-founder of FinBox said, “The future of financial services lies in every company and brand providing a curated set of offerings to their users in their 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 fintech, banks, and conglomerates to offer 100% digital products within a matter of days.”

The Embedded Finance Stack and data intelligence suite of FinBox enables it to lay out more than ₹20,000 crore in credit by March 2023.

The CEO  of the FinBox wants to simplify financial services and make it uncomplicated to build and launch newer, more effective products with ease.

Kaushik Anand, Partner, A91 Partners said, “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 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.”

Besides its API stack, FinBox facilitates credit risk intelligence to over 25 Banks, NBFCs, FinTechs, and credit marketplaces. It has another data product suite that predicts and helps price credit risk and further drive collections and cross-sells to borrowers.

Anant Deshpande, Co-founder, and head of data products, FinBox said, “Our data products including our proprietary scores create an instant trust between lenders and millions of borrowers thus enabling us and our lender partners to create automated yet low-risk lending workflows for deeper financial inclusion.”

Anant added, “We realized early that responsible use of alternate data for underwriting can be a game-changer for lenders in India where less than 50% of the credit eligible population can prove its creditworthiness and access credit.”

FinBox’s technology empowers digital platforms (both fintech and non-fintech) to introduce digital credit products such as BNPL, Personal loans, Working Capital loans, Invoice Financing, etc, while its Data Products are helpful in furnishing required intelligence to take the best credit decisions.

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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