Indian FinTech FinBox Raises $15M to Expand B2B Credit Infrastructure

Indian B2B credit infrastructure FinTech FinBox announced the completion of a $15 million Series A round Monday (June 20).

The company, whose mission is “to democratize financial services for the next billion Indians,” said the funds will be used to expand in Southeast Asia and double its current workforce.

FinBox’s platform lets FinTechs and other companies offer digital products such as buy now, pay later (BNPL) services, personal loans and working capital loans. Client companies can make digital product offerings available to customers within a few days of work, according to FinBox.

“Our data products including our proprietary scores create an instant trust between lenders and millions of borrowers thus enabling us and our lender partners to create automated yet low-risk lending workflows for deeper financial inclusion,” Anant Deshpande, co-founder and head of data products at FinBox, said in the announcement.

“We realized early that responsible use of alternate data for underwriting can be a game-changer for lenders in India where less than 50% of credit eligible population is able to prove its creditworthiness and access credit,” Anant Deshpande continued.

Meanwhile, Rajat Deshpande, chief executive and co-founder of FinBox, said that “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,” Rajat Deshpande said.

The $15 million in funding was led by A91 Partners and also included Aditya Birla Ventures, Flipkart Ventures and existing investor Arali Ventures, according to the announcement.

In late 2021, the FinTech debuted what it said was one of India’s first account aggregators, with the FinBox system helping to connect lenders with the aggregated financial files of potential borrowers.

Read more: India’s FinBox Unveils Account Aggregation Product for Loans

With the service offered through an arrangement with licensed account aggregator Finvu, FinBox said at the time that the service could be able to handle up to 6 million loan applications per year.