Neobank FloBiz rolls out banking services for SMBs

Neobank FloBiz on Tuesday said it has branched out into banking services for Small and Micro Businesses (SMBs) with the launch of Smart Collect on its flagship GST invoicing and accounting product myBillBook. Smart Collect is part of the smart banking module of the company.

With the feature, businesses will be able to collect payments from their customers instantaneously through UPI and bank transfers and automatically reconcile them against pending invoices.

For starters, the Smart Collect feature has been rolled out to a set of existing myBillBook users both on mobile and desktop applications. The company plans to extend the rollout in the coming few weeks to a wider user base who meet certain eligibility criteria. “Smart Collect has an intuitive design, which is easy to enable and begin using,” FloBiz said in its statement.

“In January 2022, the total monthly trade recorded by the 1M+ active SMBs on myBillBook stood at $1.5B and continues to grow steadily. We’re extremely excited about the launch of Smart Collect, which is our first step towards the neobanking roadmap. The broader Smart Banking module will allow SMBs to collect payments from customers and make outward transactions towards suppliers, vendors and day-to-day business expenses. It will also bring Current Account management capabilities directly on myBillBook, making it a one-stop solution for all invoicing, accounting, inventory management, business reporting and banking needs for businesses,” said Rahul Raj, co-founder and CEO of FloBiz.

Smart Collect supports several payment modes like UPI, NEFT, IMPS and RTGS, instantaneous settlements into destination accounts for improved cash flow, automated reconciliations of transactions against customer-wise invoices, free to use with no additional charges on collection transactions, payment links and QR codes can be shared with customers directly on WhatsApp and attractive cashbacks and rewards for myBillBook users and their customers.

“We’ve always had a customer-first approach to designing robust and scalable technological solutions. Smart Collect is also a product of the same approach where we thoroughly studied record-keeping and banking behaviours of SMBs in India to ultimately deliver an extremely intuitive and easy to use payments solution. We’ve a comprehensive KYC process that requires GSTN or PAN validation before a customer can begin using Smart Collect. We use the highest assurance SSL certificates to ensure that no unauthorised person can access users’ sensitive payments data. We’ve also built strong anti-fraud infrastructure and algorithms to scan through each transaction on dozens of variables to detect, prevent and deter suspicious activities. We’re educating our users about the benefits of Smart Collect through product marketing and iteratively improving the experience based on direct customer feedback,” said Siddharth Seth, VP - Products, FloBiz.