FloBiz, neobank for Indian SMBs, raises $31 million in Series B round

#Business, #Flobiz

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FloBiz, a neobank for the growing Indian SMBs, has raised $31 million in Series B round led by Sequoia Capital India, Think Investments and its existing investors Elevation Capital & Beenext.

The capital will be deployed for team expansion, product development and scaling distribution to serve more businesses, the Bengaluru-headquartered company said in a statement on Monday.

FloBiz will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon.

The latest round also saw participation from renowned angels like Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), Sayali Karanjkar (PaySense) and Krishnan Menon (BukuKas), along with 9Unicorns and Whiteboard Capital.

FloBiz said its flagship product myBillBook was launched in January 2020 to help SMB owners digitise invoicing, streamline business accounting and automate workflows of their enterprises.

“It helps maintain inventory, manage receivables & payables, and access important business reports to enable efficient decision making. With over a million monthly active users, SMBs now record over $1 billion worth of transactions on myBillBook every month,” the statement said.

myBillBook is currently available in English, Hindi, Gujarati and Tamil. The company aims to launch the app in at least five more regional languages within the next six months.

Co-founder & CEO of FloBiz, Rahul Raj, said: “This raise will help us 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.”

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