FloBiz raises $31 million to scale its neobank for small businesses in India

FloBiz, an Indian startup that is building a neobank for small- and medium-sized businesses in the South Asian market, said on Monday it has raised $31 million in a new financing round as it works to broaden its product offerings.

Sequoia Capital India and Think Investments co-led the 18-month-old startup’s Series B financing round. Existing investors Elevation Capital and Beenext also participated in the round, which brings FloBiz‘s all-time raise to over $41 million.

The startup’s marquee offering — called myBillBook — helps small- and medium-sized businesses digitize their invoicing, streamline business accounting, and automate workflows of their enterprises.

India, the world’s second largest internet market, is home to

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