• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

FloBiz raises $31 million to scale its neobank for small businesses in India

September 20, 2021 by David Barret Leave a Comment

FloBiz, an Indian startup that is building a neobank for small- and medium-sized businesses in the South Asian market, said on Monday it has raised $31 million in a new financing round as it works to broaden its product offerings.

Sequoia Capital India led the 18-month-old startup’s Series B financing round. Think Investments and existing investors Elevation Capital and Beenext also participated in the round, which brings FloBiz‘s all-time raise to over $41 million.

The startup’s marquee offering — called myBillBook — helps small- and medium-sized businesses digitize their invoicing, streamline business accounting, and automate workflows of their enterprises.

India, the world’s second largest internet market, is home to millions of small- and medium-sized businesses. Scores of startups have launched neobanks in the country in recent years to focus on serve millennials or businesses.

“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 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 the app 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 high-profile entrepreneurs — including Vijay Shekhar Sharma of Paytm, Kunal Shah of CRED, Jiten Gupta of Jupiter, Amrish Rau of Pine Labs, Krishnan Menon of BukuKas, and Nitin Gupta of Uni Cards — have also backed FloBiz in the new financing round.

“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.

“We are really impressed by the user centricity, product focus and experimentative approach of the FloBiz founders. There is almost a perfect founder market fit. The team is stoked to partner with FloBiz on their mission of building a neobank for the growing SMBs of India.”

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.”

Source Link FloBiz raises $31 million to scale its neobank for small businesses in India

David Barret
David Barret

Related posts:

  1. China Evergrande shares, bonds dive further on default worries
  2. N.Korea puts hazmat suits on parade for national day, but no missiles
  3. Afghan journalists beaten in Taliban detention, editor says
  4. GM extends Michigan plant shutdown over Bolt EV recall

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Surveillance Of People Is More “Pervasive And Normalised” Than Previously Thought, Endangering Our Privacy
  • US Sees 90 Percent Drop In Heart Attack Deaths Over Last 50 Years
  • Is A Cat Poop Parasite Decapitating Human Sperm Contributing To Rising Infertility?
  • How Fast Were Dinosaurs? Guineafowl Races Reveal They Were Probably Slower Than We Thought
  • New Claim For World’s Oldest Rocks Dates Back A Whopping 4.16 Billion Years
  • Pre-Inca Temple Was A “Ritual Gateway” To Lost Civilization Of Tiwanaku
  • NASA Study Gave Illegal Drugs To Spiders And Watched What Happened To Their Webs
  • Space Selfies & DJing A Party From Orbit – How Astronaut Luca Parmitano Brought Space To Earth
  • Regardless Of Political Affiliation, Most US Adults Actually Support Vaccine Requirements For Kids
  • Now Is The Perfect Time To See The “Summer Triangle”
  • Can A Brain Be Preserved And Uploaded? Neuroscientist Survey Reveals “Surprising” 40 Percent Probability That Yes, It Could
  • You Could Be The First Ever Human To See A Specific Galaxy In This Incredible Space Video
  • First Pieces Of The Planet Mercury May Have Been Found On Earth After “Longstanding Mystery”
  • “Miracle” Bioplastic Reflects 99 Percent Of Sun’s Rays, Massively Reducing Building Energy Use
  • Are These 2 African Gray Parrots The Only Non-Human Animals To Ever Ask A Question?
  • How Forensic Scientists Are Reconstructing Faces Using DNA Found At Crime Scenes
  • New Non-Invasive Option For Treating Non-Melanoma Skin Cancer In A Single Session
  • Evolution Running Backwards? That’s What This Unlikely Organism Appears To Be Doing
  • How Did The Starfish Become A Star? 500-Million-Year-Old Fossil Solves Evolutionary Mystery
  • JWST Has Discovered Its First Exoplanet – And It’s A Baby Saturn-Sized One!
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version