September 23

This Neobank for India’s Small Businesses Just Raised $31 Million Led by Sequoia Capital

By Ridhima Saxena

Flobiz, a neobank focused on small and medium businesses in India, has raised $31 million in a Series B funding round, led by venture capital firm Sequoia Capital India, the company said in a press release on Monday.

The round also saw participation from early-stage VC firm Think Investments, along with FloBiz’s existing investors Elevation Capital and Beenext.

Neobanks are fintech firms that partner with banks and non-banking financial companies in order to provide digital banking services to its customers.

Photo courtesy of Chris Bird.

Source: Business Insider India (link opens in a new window)

financial inclusion, venture capital