Chennai: FloBiz, a neobank for the growing Indian SMBs, has announced raising $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, it said.
FloBiz will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon, it added.