Ending Soon! Save 33% on All Access

FinBox Raises $15 Million Led By A91 Partners Funds will be utilized to scale its offerings and expand to southeast Asia

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

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.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
Side Hustle

The Side Hustle He Started at Age 15 Led to a $4 Billion Boon for Small Businesses: 'They Would Take a Chance on Me With Their Hard-Earned Money'

Nic Beique asked his local barber, gym and more if they'd like him to build a website for their businesses.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

Make Music from Prompts with This AI Subscription, Just $50

This AI music generator promises to take you from prompt to song in just a few seconds.

Starting a Business

I Wish I Knew These Four Things Before Starting My Own Business

Starting a business is hard work to say the least. These are four lessons I wish someone had shared with me before going solo, so I'm here to share them with you.

Starting a Business

How to Start an Event Planning Business: Your Comprehensive Guide

Not sure how to become an event planner? Use this step-by-step guide to launch your event planning business from scratch.

Business News

Scarlett Johansson 'Shocked' That OpenAI Used a Voice 'So Eerily Similar' to Hers After Already Telling the Company 'No'

Johansson asked OpenAI how they created the AI voice that her "closest friends and news outlets could not tell the difference."