FinBox Raises $15 Million Led By A91 Partners
Funds will be utilized to scale its offerings and expand to southeast Asia
FinBox on Monday announced to have raised $15 million. A91 Partners led this round with participation from Aditya Birla Ventures and Flipkart Ventures. Existing investors Arali Ventures also participated in the round. Funds will be utilized to scale its offerings and expand to southeast Asia. The company announced that it'll also be doubling its current workforce to power its expansion.
"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. 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 fintechs, banks, and conglomerates to offer 100 per cent digital products within a matter of days," says Rajat Deshpande, CEO and co-founder, FinBox.
"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," said Kaushik Anand, partner, A91 Partners.
With more than 25 anchor platforms using FinBox Embedded Finance Stack to launch and scale credit products, FinBox is now going after large enterprise clients across lenders and conglomerates. The wave of digitization and decentralization of finance is prompting even the legacy companies to recraft their offerings and FinBox is already working with many Nifty50 companies to launch new-age financial services. The strategy of non-financial companies getting into financial services by launching products such as BNPL, loans, or credit cards is called Embedded Finance. Embedded Finance providers such as FinBox enable any enterprise or lender to launch financial services without having to build the technology in-house or recruit hundreds of people to run it.