BFSIFintechLatest NewsTechnology

FloBiz witnesses 250% growth in monthly active users; targets 7X growth by next year

India’s fastest growing SMB-focused FinTech startup FloBiz is witnessing 250% growth in monthly active users and aims to achieve 7X growth by 2022. On the heels of raising Series A investment led by Elevation Capital, FloBiz is on a mission to accelerate the growth of SMBs through digitisation. The company is on a strong growth trajectory to enable small businesses to digitise their daily operations and make India self-reliant. Despite the intermittent lockdowns imposed due to the 1st & 2nd wave of COVID-19, FloBiz witnessed an increase in monthly active users & GST registered users of myBillBook – the company’s flagship product helping SMBs in billing & accounting, taking the overall tally to 5 million downloads in 2021. The startup observed a 200% increase in business volume amounting to transactions, recorded over USD 883 million transactions in July on the myBillBook app.

Remarking on the growth, Rahul Raj, Founder & CEO of FloBiz said, “As we reflect on our growth in the past year, we continue to recognise the importance of product innovation and customer obsession. There is a growing demand in the segment as businesses undertake digital transformation journeys. We are geared to serve our SMB partners and help them sail through these challenging times. Our flagship product myBillBook is designed to help business owners manage invoicing, inventory, and receivables/ payables while easily digitising other aspects of their daily operations directly through their mobile phones.”

He further added that “Our growth is testimony to the faith our SMB partners have placed in us. We will continue to develop & deliver deeper solutions to power their growth and enable a seamless start to their digitisation journey. ”

Keeping in line with its exponential growth, FloBiz plans to increase its engineering, product & data workforce by 3X in the next 6 months.

FloBiz is India’s fastest-growing SMB-focused FinTech startup that aims to accelerate the growth of small & medium businesses through digitisation. Founded in 2019 by IIT & BITS alumni, FloBiz is a FinTech backed by renowned investors like Elevation Capital, Greenoaks Capital and Beenext. The startup is chasing the mission of digitisation to contribute to the building of an Aatmnirbhar Bharat by solving the most pressing problems of the Indian SMB sector. FloBiz launched its flagship product, myBillBook, in early 2020, and it has become one of the highest rated business apps in India on the Google Play Store.

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in BFSI