Flobiz, an Indian neobank for small-and-medium sized businesses in India, has secured $31m in funding from a Series B round.
The round was led by Sequoia Capital India and also saw participation from Elevation Capital, Beenext and Think Investments, Whiteboard Capital and 9Unicorns. There was also investment from a range of angel investors.
FloBiz markets myBillBook, which is a service that enables SME owners to digitise invoicing, automate workflows and streamline business accounting. It also supports maintaining inventory, manage recievables and payables and access business reports. The company claims SMEs now record over $1bn of transactions of the service every month.
myBillBook is available in English, Hindi, Tamil and Gujarati. FloBiz has stated that intends to launch the app in at least five more regional languages within the next six months.
According to FloBiz, it intends to use the newly raised capital for team expansion, product development and scaling distribution. The firm will also focus on building additional technical capabilities within the organisation as it prepares to venture into financial services soon.
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