FloBiz, a neo bank startup that focuses on India’s SMB segment, announced on Monday that it has raised $31 Mn in a Series B round. Sequoia Capital India, Think Investments and its existing investors Elevation Capital & Beenext spearheaded the funding round. The round also saw participation from many high-profile angel investors including Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs) and many others.
The Bengaluru based startup said that it will use the capital for team expansion, product development and scaling distribution to serve more businesses.
FloBiz is best known for its flagship product MyBillBook, which the startup claims is India’s no 1 GST Billing and Accounting software. The MyBillBook software was rolled out to help SMB owners digitize invoicing, streamline business accounting and automate workflows of their enterprises. FloBiz further claims that its flagship software has over a million monthly active users and SMBs currently record over $1 billion worth of transactions on myBillBook every month.
“SMBs form a large part of our economy and our daily lives. Everyone in the FloBiz team is driven by a deep passion to create an impact by powering growth of the small & medium businesses around us. It has translated into our thoughtful product development process and widespread customer obsession across the organization,” said Rahul Raj, co-founder & CEO of FloBiz.
Rahul Raj further added “In addition to our current investors, we’re extremely thrilled to have Sequoia Capital India & Think Investments along with such a stellar set of angels back us on our mission. 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. We have a slew of developments in the pipeline to further delight our SMB partners in the next 12 months.”
Off late, the term ‘Neo Bank’ is gaining a lot of buzz in the fintech community. In fact, the concept of ‘Neo Banking’ is taking the fintech world by storm. Neo Bank is a kind of digital bank without any branches. The neo banking is entirely done online.