Moshpit Technologies, which operates the fintech startup FinBox, has raised an undisclosed amount in a seed funding round led by early-stage investor Arali Ventures.
Angel investor Anup Pai, ex-founder of Fintellix, also participated in the round, the startup said in a statement.
The funds will be deployed for research and development (R&D) of products and drive the adoption of products.
FinBox’s products include DeviceConnect and BankConnect, which enables non banking finance companies (NBFCs) to lower credit risk, improve approval rates and digitally onboard customers.
FinBox, founded in 2015 by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka and Srijan Nagar, has built a credit risk management platform with proprietary data connectors to supercharge lending to self-employed merchants and new-to-credit customers.
“Digital lending requires reimagination of tools from scratch, FinBox’s vision is to accelerate financial inclusion through big data and machine learning tools. The impact would be far-reaching. Financial services firms will be able to leverage their dark data and consume new data sources to significantly improve credit risk performance while enhancing user adoption,” the founders said in a joint statement.
“We believe that Indian banking and financial services will be driven to balance credit risk while increasing penetration. FinBox’s tech+data approach is ideally suited to ride that wave,” said Arun Raghavan, co-founder and partner, Arali Ventures.
Bengaluru-headquartered Arali Ventures is a seed fund focused on providing product build and early scale capital to enterprise technology ventures serving the Indian and global markets.
Recent deals in fintech space
Hyderabad-based fintech startup InstaDapp raised $ 2.4 million in a seed round from investors including blockchain-focused investment firm Pantera Capital.
Mumbai-based Loantap, a digital platform that makes customised loans available to salaried professionals, raised $12 million in Series B round led by private equity firm Avana Capital.
School fees financing startup FinancePeer raised $706,000 in an angel funding round from early-stage venture capital firm PitchRight Ventures and individual investors
Goa-based payment solutions company Minkspay raised an undisclosed amount from early-stage investment firm Mumbai Angel Network (MA Network).