FinBox, a startup that provides digital credit infrastructure, has raised $40 million in a Series B funding round. The round was led by WestBridge Capital and also included existing investors A91 Partners and Aditya Birla Ventures.
The company plans to use the funding to build AI-powered workflows, platforms, and solutions to make its services more efficient.
Of the $40 million, $35 million is new funding for the company, and $5 million came from early angel investors selling their shares.
Earlier, in June 2022, FinBox raised $15 million in Series A funding, led by A91 Partners.
“Our mission is to empower lenders to source better, underwrite faster, fight fraud more effectively, and extend fairer, more accessible credit to millions. We will continue to deepen our digital lending stack, launch new products, and expand internationally while staying true to our vision of creating sustainable, world-class financial infrastructure,” the founders said in the statement.
“Their modular architecture, data intelligence, and embedded applications create a strong foundation for scalable digital lending. We believe FinBox is well positioned towards becoming an integral layer of India’s evolving digital credit infrastructure and we are excited to partner with them in their next phase of growth,” said Deepak Ramineedi, partner, WestBridge Capital.
FinBox was founded in 2017 by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar. The company is based in Bengaluru and provides credit infrastructure for banks, NBFCs, and fintechs.
Its modular platform helps with digital loan origination, underwriting, fraud detection, and embedded lending, making credit processes faster and easier for businesses.
FinBox is focusing on its AI-powered lending platform (Sentinel BRE), Partnership Lending Stack (Prism), and fraud detection tools, while improving other products like BankConnect, DeviceConnect, and KYC APIs.
The company works with 130+ major clients, including HDFC Bank, Kotak Mahindra Bank, Aditya Birla Capital, Tata Capital, and Poonawalla Fincorp. So far, it has handled over $9 billion in loan applications and is growing 100% year-on-year across all its products.
