New Delhi, Sept 20 (KNN) FloBiz, a digital only bank for the growing Indian Small and Medium Businesses (SMBs), has raised $31 million in Series B round led by Sequoia Capital India, Think Investments and its existing investors Elevation Capital & Beenext.

The capital will be deployed for team expansion, product development and scaling distribution to serve more businesses. FloBiz will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon.

The latest round also saw participation from renowned angels like 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), along with 9Unicorns and Whiteboard Capital.

FloBiz’s flagship product myBillBook was launched in January 2020 to help SMB owners digitise invoicing, streamline business accounting and automate workflows of their enterprises. It helps maintain inventory, manage receivables & payables, and access important business reports to enable efficient decision making. With over a million monthly active users, SMBs now record over $1 billion worth of transactions on myBillBook every month.

myBillBook, which is currently available in English, Hindi, Gujarati & Tamil, has consistently been a top rated app on Google Play Store under the Business category. The company aims to launch the app in at least 5 more regional languages within the next 6 months. The product will also see deeper use of technologies like AI & image processing to make the onboarding process for the less tech-savvy SMB owners in tier 2 and tier 3 cities of India a delightful first step to digital accounting.

With over 5 million downloads across the country, myBillBook app claims to have a strong presence in regions like Maharashtra, Delhi NCR, Uttar Pradesh, Gujarat and Tamil Nadu, which account for more than half of its total user base. FloBiz will continue to strengthen its presence in these regions while focusing on growth in others such as Bihar, Rajasthan, Karnataka and West Bengal.

To enable the fast-paced growth trajectory, FloBiz looks to triple its engineering, product & data teams within the next 6 months. Before the $31 Mn Series B capital raise, FloBiz had raised $10 Mn in Series A from Elevation Capital and existing investors in March 2021.