Friday, August, 12,2022

FinBox raises $15 million for International Expansion

Finance startup FinBox raised $15 million (INR 115 crore) on Sunday. Aditya Birla The round led by A91 Partners saw the participation of Aditya Birla Ventures and Flipkart Ventures along with existing investors Arali Ventures. The capital will be used by FinBox to expand into South East Asia and scale its offerings. In addition to expanding its workforce, the corporation announced that it w o u l d double its size. FinB o x plans to disb u r s e over Rs 20,000 c r o r e in credit from its ecosystem of more than 50 partners, including NBFCs, Banks, and FinTechs, by March 2023. This will be done using its Embedded Finance Stack and data intelligence suite. In addition to its technology, FinBox's Data Products provide the requisite intelligence to make excellent credit decisions and can be implemented by any digital platform (non-fintech or fintech).

Rajat Deshpande, the 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 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 fintech, banks, and conglomerates to offer 100% digital products within a matter of days.”

Kaushik Anand, the A91 Partner called FinBox the most prominent credit infrastructure player in the region, further stating, “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. 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.”

The FinBox API stack not only provides API access to a variety of banks, but also provides credit risk intelligence to over 25 NBFCs, FinTechs, and credit marketplaces. In addition to predicting and pricing credit risk, the company's alternate data products help increase collections and cross-sell to bor - rowers.

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