Moshpit Technologies which operates business-to-business (B2B) credit infra-focused fintech startup, FinBox on Monday said it has raised $15 million (around Rs 115 crore) in a round led by A91 Partners.
The round saw participation from Aditya Birla Ventures and Flipkart along with existing investors Arali Ventures.
The company will use the fresh infusion to expand its offering in Southeast Asian markets and double its staff from 85 currently, it said in a statement.
Founded by Rajat Deshpande, Anant Deshpande, Srijan Nagar and Nikhil Bhawsinka in 2017, FinBox enables platforms in the fintech and non-fintech space to launch digital credit products such as BNPL (buy now pay later), personal loans, working capital loans, invoice financing.
“We are driven to change the unit economics of the current lending setup such that lending becomes an opportunity for value creation and capture. There are already thousands of high-frequency platforms where Indian entrepreneurs aggregate to run their business ops such as accounting apps, HR tech apps, retail apps, B2B ecommerce platforms, GST ecosystem. Our financial services stack enables these platforms to launch innovative credit products for their users and become their financial services providers of choice,” said Rajat Deshpande, chief executive officer, co-founder, FinBox.
In another development around the fintech space lately, Bengaluru-based cross-border payments startup PayGlocal raised $12 million in a Series B round led by Sequoia Capital India and Tiger Global. The round also saw participation from existing investors like BeeNext, Amrish Rau (CEO, PineLabs), Kunal Shah (founder, Cred).
A91 Partners, leader of the funding round at FinBox, is a Mumbai-based venture capital firm with a portfolio that includes names like Giva, Happilo, Inshorts, Exotel, Paper Boat and Sugar Cosmetics. Among the fintech space, A91 Partners has invested in companies like Digit Insurance and MSME credit platform, Aye.
“Financial services are moving out of the physical premises into the palms of the users. This requires credit and reimagination of underlying value chains. FinBox is the most prominent credit infrastructure player in the region and we back the team to lead this transformation. It is well placed to become the leading infrastructure player for banking-as-a-service internationally as well,” said Kaushik Anand, partner, A91 Partners.
