Moneyboxx Finance, a listed lendingtech platform in India, has raised INR 24 Cr ($2.9 Mn) in funding via private placement from non-promoter investors. The startup plans to use the capital to expand its operations and fund the growth of its assets under management (AUM) and to tap into growth opportunities in the sub-INR 10 Lakh microenterprises loan segment. Moneyboxx Finance was founded in 2018 and offers unsecured loans to micro, small, and medium enterprises (MSMEs) that are underserved by players in the organised market. The startup focuses on impact financing and provides business loans to micro entrepreneurs in Tier-3 and other non-metro towns and cities. The company has so far raised INR 93.5 Cr since its inception, of which INR 48.4 Cr was raised in financial year 2022-23 (FY23). Moneyboxx Finance has a presence across six states – Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh, and Chhattisgarh.
Fintech has been a major driver of innovation and growth in the Indian startup ecosystem in recent years, and lendingtech is one of the key sub-sectors within fintech that has seen significant growth and investment. According to reports, lendingtech platforms in India have the potential to capture a market opportunity of $1.3 trillion by 2030, driven by the huge unmet demand for credit among micro, small, and medium enterprises (MSMEs) in the country. The success of lendingtech startups like Moneyboxx Finance is a testament to this trend, and we can expect to see continued growth and investment in this sector in the years to come.