FloBiz, which focuses on medium and small companies in India, has raised $31m in a Series B financing round that was which was led by venture capitalist Sequoia Capital India, along with Think Investments.
The funds will be used to expand the team and product development and increase distribution so that it can serve more companies.
It has raised $31m in the Series B round of funding managed by venture capital firm Sequoia Capital India; it announced it in its press release Monday.
The round also included participation from the early-stage VC business Think Investments, along with the existing investors of FloBiz, Elevation Capital and Beenext.
Neobanks are fintech businesses that work with banks and non-banking financial firms to offer digital banking services for their customers.
FloBiz will also be focusing on establishing more technological capabilities within the company in preparation to enter the financial services sector in the near future,” the company said.
Alongside the business expansion, the company is looking to increase the size of its engineering teams, product, and data within the next six months.
The new round of capital, according to Rahul Raj, who is co-founder and CEO of FloBiz and will help the company speed up its ongoing projects.
The flagship product of the company, myBillBook, which was launched in January of last year, assists small businesses to digitize their invoices, improve business accounting, and improve the workflow of their businesses. It also assists with the management of receivables, inventory and payables, and offers access to reports for the business.
At present, the company boasts that it has more than one million active users per month and businesses that record more than $1 billion in transactions through myBillBook each month.
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