Indian startup FloBiz, which is building a neobank for small businesses in the South Asian market, said Monday that it had raised $ 31 million in a new funding round to expand its product offerings.
Sequoia Capital India and Think Investments co-led an 18-month startup Series B funding round. Existing investors Elevation Capital and Beenext also participated in the round. FloBiz Raised more than $ 41 million, the highest ever.
This startup’s marquee product, called myBillBook, helps small businesses digitize invoices, streamline corporate accounting, and automate corporate workflows.
India, the world’s second largest Internet market, has millions of small businesses. In recent years, many start-ups have set up online banks in the country to focus on serving millennials and businesses.
“SME-focused NeoBank engages with business clients through its ability to provide solutions such as automated billing, collection / payment, accounting, inventory and sales management, taxes and, in some cases, current interest in deposits. Building (banks can’t pay) interest). Jeffreys analysts wrote in a report to clients last week:
Supporting Hindi, Gujarati, Tamil, and English, myBillBook plans to add support for “at least” five regional languages within the next six months, the startup said, and the app has been downloaded more than 5 million times. He added.
“This product will further leverage technologies such as AI and image processing, and the onboarding process for SMB owners who are not tech-savvy in India’s Tier 2 and Tier 3 cities will be a fun first step towards digital accounting. “The startup says.
Many prominent entrepreneurs, including Paytm’s Vijay Shekhar Sharma, CRED’s Kunal Shah, Jupiter’s Jiten Gupta, Pine Labs’ Amrish Rau, Buku Kas’s Krishnan Menon, and UniCards’ Nitin Gupta, are also backing FloBiz with new funding. Round.
“SMEs are the true heroes of our economy. Sequoia Capital India’s managing director, Tejeshwi Sharma, said in a statement.
“We are really impressed with FloBiz’s founder’s user-centered, product-focused, experimental approach. There is a near-perfect founder market fit. The team is Neobank for the growing Indian SMB. We are excited to partner with FloBiz on our mission to build. “
Rahul Raj, co-founder and CEO of FloBiz, said the startup has invested new capital to “accelerate previously working projects and incorporate personalized modules and features into myBillBook. We will diversify our core product offerings and prepare for deployment. ” Provides financial services. There is a lot of development in the pipeline to make SMB partners even more happy in the next 12 months. “
https://techcrunch.com/2021/09/20/flobiz-raises-31-million-to-scale-its-neobank-for-small-businesses-in-india/ FloBiz Raises $ 31 Million to Expand Neobank for Indian SMEs – TechCrunch