Startup FloBiz raises USD 31 million to scale its neobank in India
On Monday, Indian startup FloBiz, which is building a neobank for small and medium-sized businesses in the South Asian market has raised $31 million in a new financing round.
Think Investments and Sequoia Capital India co-led the startup’s Series B financing round. Existing investors like Elevation capital and Beenext also participated in the round and brought FloBiz’s all-time raise to over $41 million.
Scores of high profile entrepreneurs including Kunal Shah of CRED, Vijay Shekhar Sharma of Paytm, Jiten Gupta of Jupiter, Krishnan Menon of BukuKas, Amrish Rau of Pine Labs and Nitin Gupta of Uni Cards have also financed the startup in the new financing round.
Rahul Raj, co-founder and chief executive of FloBiz, said the startup will deploy the fresh capital to “accelerate projects which have been in the works up till now- building personalisable modules & features into myBillBook, diversifying core product offerings and preparing to roll out financial services. We have a slew of developments in the pipeline to further delight our SMB partners in the next 12 months.”
myBillbook, the startup’s marquee offering, helps small and medium-sized businesses digitize their invoicing, automate workflows of their enterprises and streamline business accounting.
“SME focussed neobanks are building engagement with business clients through their ability to provide solutions like automated invoicing, collections/payments, accounting, inventory and sales management, taxes and in some cases the interest on current deposits as well (banks can’t pay interest). This may help to ramp up and upfront their monetisation prospects,” analysts at Jefferies wrote in a report to clients last week.
myBillBook, which supports Hindi, Gujarati and Tamil as well as English, will add support for “at least” five more regional languages within the next six months, the startup said, adding that that it has been downloaded over 5 million times.
“The product will also see deeper use of technologies like AI & Image processing to make the onboarding process for the less tech-savvy SMB owners in tier 2 and tier 3 cities of India a delightful first step to digital accounting,” the startup said.
Scores of startups have launched neobanks in India recently to focus on serve millennials.
“Small businesses are the real heroes of our economy. In order to power the SMB economy with technology, one needs deep understanding, instinct and empathy for this audience,” said Tejeshwi Sharma, Managing Director of Sequoia Capital India, in a statement.
Think Investments and Sequoia Capital India co-led the startup’s Series B financing round. Existing investors like Elevation capital and Beenext also participated in the round and brought FloBiz’s all-time raise to over $41 million.
Scores of high profile entrepreneurs including Kunal Shah of CRED, Vijay Shekhar Sharma of Paytm, Jiten Gupta of Jupiter, Krishnan Menon of BukuKas, Amrish Rau of Pine Labs and Nitin Gupta of Uni Cards have also financed the startup in the new financing round.
Rahul Raj, co-founder and chief executive of FloBiz, said the startup will deploy the fresh capital to “accelerate projects which have been in the works up till now- building personalisable modules & features into myBillBook, diversifying core product offerings and preparing to roll out financial services. We have a slew of developments in the pipeline to further delight our SMB partners in the next 12 months.”
myBillbook, the startup’s marquee offering, helps small and medium-sized businesses digitize their invoicing, automate workflows of their enterprises and streamline business accounting.
“SME focussed neobanks are building engagement with business clients through their ability to provide solutions like automated invoicing, collections/payments, accounting, inventory and sales management, taxes and in some cases the interest on current deposits as well (banks can’t pay interest). This may help to ramp up and upfront their monetisation prospects,” analysts at Jefferies wrote in a report to clients last week.
myBillBook, which supports Hindi, Gujarati and Tamil as well as English, will add support for “at least” five more regional languages within the next six months, the startup said, adding that that it has been downloaded over 5 million times.
“The product will also see deeper use of technologies like AI & Image processing to make the onboarding process for the less tech-savvy SMB owners in tier 2 and tier 3 cities of India a delightful first step to digital accounting,” the startup said.
Scores of startups have launched neobanks in India recently to focus on serve millennials.
“Small businesses are the real heroes of our economy. In order to power the SMB economy with technology, one needs deep understanding, instinct and empathy for this audience,” said Tejeshwi Sharma, Managing Director of Sequoia Capital India, in a statement.
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