By Manish Singh
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 and Think Investments co-led the 18-month-old startup’s Series B financing round. 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 …read more
Source: Tech Crunch