A91 Partners, Aditya Birla Ventures, and Flipkart Ventures joined forces to lead a USD 15 million (Rs 115 crore) Series A round of funding for Bengaluru-based B2B credit infrastructure startup FinBox on June 20th, 2022. Arali Ventures, an existing investor, also took part in the round.

By raising this money, FinBox would be able to offer credit worth more than Rs 20,000 crore (USD 255 Million) by 2023 and expand its fintech business throughout SouthEast Asia.

What the founders have to say:

Anant Deshpande, Co-founder, and head of data products, FinBox:

“Our lender partners and we can develop automated low-risk lending workflows for greater financial inclusion because our data products, including our proprietary scores, instantly build confidence between lenders and millions of borrowers. In India, where less than 50% of the population is eligible for credit, we quickly realized that prudent use of alternative data for underwriting might change the game for lenders.”

 Rajat Deshpande, CEO, and Co-founder, FinBox:

“Every company and brand giving a customized set of offerings to their people in their platforms and ecosystems is where the future of financial services resides. This lets users access the economical goods they want, wherever they want them, while increasing transaction velocity and confidence. We make that possible by giving any business—including banks, conglomerates, and fintech—the ability to provide only digital goods in a matter of days.”

Deshpande noted that FinBox’s objective is to simplify financial services so that better, more effective products may be developed and launched quickly and easily.

What the investors have to say:

 Kaushik Anand, Partner, A91 Partners:

“The users’ hands are becoming the new physical locations for financial services. To do this, credit and the underlying value chains must be completely redesigned for the digital age. The most significant provider of credit infrastructure in the area is FinBox, and we support the team in taking the initiative to drive this change. FinBox is positioned to dominate the global banking-as-a-service infrastructure market.”

More about the company:

FinBox is a B2B credit risk management platform with unique data connectors that supports lending to self-employed merchants, non-banking financial firms (NBFCs), and first-time credit consumers. It was founded by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar.

Its clientele include huge conglomerates, telcos, banks, NBFCs, and other Fortune India 500 organizations, like ZestMoney, Khatabook, TrueBalance, Home Credit India, and IIFL.

While the company’s credit facilitation GMV increased by more than 80 times after the launch of its Embedded Finance platform in January 2021, its monthly income increased by more than 700 percent over the previous 12 months. 

According to the company, FinBox plans to use the money to support over 10 million SMEs through formal lending through its premier alliances with more than 50 banks, NBFCs, and FinTechs.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.


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