FloBiz raises $31 million in Series B funding

FloBiz, a neobank has raised $31 million in Series B round led by Sequoia Capital India, Think Investments, and its existing investors Elevation Capital and Beenext.

The latest round also saw participation from Vijay Shekhar Sharma (Paytm), Kunal Shah (CRED), Jiten Gupta (Jupiter), Amrish Rau (Pine Labs), Neeraj Arora (HalloApp), Nitin Gupta (Uni Cards), Ankit Tomar (Bizongo), Sayali Karanjkar (PaySense), and Krishnan Menon (BukuKas).

FloBiz launched myBillBook in January 2020 to help SMB owners digitize invoicing, streamline business accounting, and automate workflows of their enterprises.

It helps maintain inventory, manage receivables and payables, and access important business reports to enable efficient decision making.

“SMBs form a large part of our economy and our daily lives. Everyone in the FloBiz team is driven by a deep passion to create an impact by powering growth of the small & medium businesses around us,” Rahul Raj, co-founder & CEO of FloBiz, said.

The money raised will be used for team expansion, product development, and improve distribution to serve more businesses. FloBiz will also focus on building additional technical capabilities within the organization, as it prepares to enter financial services.