FinBox raises pre-Series A round from Arali Ventures1 min read . Updated: 03 Oct 2019, 03:25 PM IST
- FinBox did not disclose the amount raised in this round
- The funds would be used to further research and development and drive adoption
Bengaluru: Fintech startup FinBox, a part of the 2017 fintech cohort of PayPal's India incubator program, said on Thursday that it has raised a pre-Series A round from Arali Ventures. Angel investor Anup Pai, co-founder of Fintellix, also participated in the round, according to a press statement. FinBox did not disclose the amount raised in this round, and said that the funds would be used to further research and development (R&D) and drive adoption.
FinBox has a credit risk management platform and its suite is used by non-banking financial companies (NBFCs). At present, it processes around one million loan applications a month, the statement said.
A company source added that FinBox is "revenue positive" and the funding will go towards introducing new product features, and R&D to help improve the product.
Founded by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka and Srijan Nagar, FinBox is based in Bengaluru, with an office in Gurugram. It has 25 employees.
“FinBox’s vision is to accelerate financial inclusion through Big Data and machine learning tools," Rajat Deshpande said, in the statement. Their products enable NBFCs to lower credit risk, improve approval rates and digitally onboard customers, he added.