Indian fintech firm raises $15m to fuel SEA expansion

Indian fintech startup FinBox raised US$15 million in a series A funding round led by A91 Partners, aiding its expansion into Southeast Asia.

The FinBox founding team / Photo credit: Finbox

The round saw participation from Aditya Birla Ventures and Flipkart Ventures, as well as from existing investor Arali Ventures. This brings the startup’s total amount raised to US$60 million.

FinBox’s B2B credit infrastructure enables both fintech and non-fintech platforms to launch digital financial products such as personal loans, working capital loans, invoice financing, and buy now, pay later services.

Through its tech and data intelligence suite, FinBox aims to facilitate the disbursement of more than US$2.6 million in credit by March 2023 through its ecosystem of more than 50 partners, including nonbank financial companies, banks, and fintech firms.

Apart from its API stack, FinBox also provides credit risk intelligence to more than 25 partners.

Rajat Deshpande, the company’s CEO and co-founder, said that FinBox’s goal is to take the complexity out of financial services.

The capital will be used to scale its offering and expand into Vietnam, Indonesia, and the Philippines. It will also add offices in Mumbai and Hyderabad, in addition to its current offices in Gurgaon and Bangalore.

FinBox plans to double its current headcount of 85 to power its expansion.

See also: Series SEA: Who’s investing in the region’s fintech startups?

The company was founded in 2017 by Deshpande along with three other co-founders: Anant Deshpande, Srijan Nagar, and Nikhil Bhawsinka. In 2019, the company raised an undisclosed amount in a pre-series A round led by Arali Ventures.