FloBiz: A one-stop solution for managing your small business in India

FloBiz: A Neobank for the Growing SMBs of India – Small and medium businesses (SMBs) are the backbone of the Indian economy, contributing to more than 30% of the GDP and employing over 110 million people. However, they face many challenges in managing their finances, such as lack of access to credit, inefficient accounting systems, complex tax compliance, and high transaction costs.

To address these pain points, FloBiz was founded in 2019 by IIT and BITS alumni, with a vision to digitise and accelerate the growth of SMBs in India. FloBiz is a neobank that offers solutions for traders, merchants, wholesalers, distributors, manufacturers and retailers across India. It aims to help them manage their finances, inventory, invoices, payments, taxes, and more with intuitive interface, powerful features and advanced security.

In this article, we will explore how FloBiz is transforming the way SMBs do business in India, by looking at its products and solutions, its team and culture, its impact and future, and its challenges and opportunities.

FloBiz

Details of the startup:

  • CITY: Bengaluru
  • STATE: Karnataka
  • STARTED IN: 2019
  • FOUNDERS: Aditya Naik, Rahul Raj, Rakesh Yadav and Rakesh Yadav
  • NUMBER OF INVESTORS : 23
  • LATEST ROUND INVESTMENT :₹2278.80M
  • TOTAL INVESTMENT :₹3956.49M
  •  TOTAL SECURED LOANS AVAILED :Nil

You can find their website here.

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FloBiz Products and Solutions

FloBiz offers a range of products and solutions that cater to the diverse needs of SMBs in India. Some of the main ones are:

  • myBillBook: A GST billing and inventory management app that helps SMBs create professional invoices, track payments, manage stock, generate reports, and file GST returns easily and accurately. myBillBook has over 5 million downloads and 1.5 million monthly active users, making it one of the most popular apps for SMBs in India.
  • FloBiz Business Account: A digital bank account that enables SMBs to accept payments from any mode, such as UPI, cards, wallets, net banking, etc., and pay their suppliers, vendors, employees, etc., with zero fees and instant settlement. FloBiz Business Account also offers features like cash flow management, expense tracking, and business insights.
  • FloBiz Credit: A credit solution that provides SMBs with easy and flexible access to working capital, based on their transaction history and cash flow. FloBiz Credit offers loans ranging from Rs. 10,000 to Rs. 5 lakhs, with interest rates starting from 1.5% per month and repayment tenure up to 12 months.
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FloBiz Team and Culture

FloBiz is backed by renowned investors like Sequoia Capital, Elevation Capital, Greenoaks Capital, Beenext and Think Investments, and has raised over $40 million in funding so far . FloBiz has a team of over 200 passionate and talented professionals, who work across various domains such as engineering, product, design, marketing, sales, operations, etc.

The team culture at FloBiz is driven by the mission to empower SMBs in India with technology and innovation. FloBiz values collaboration, ownership, learning, and customer obsession, and fosters a friendly and supportive work environment. FloBiz also supports the learning and development of its employees, through its dedicated program called FloBiz Academy, which offers courses, workshops, mentorship, and feedback sessions.

Benefits of using FloBiz

There are many benefits to using FloBiz for your small business. Here are just a few:

  • Save time and money: FloBiz can automate many of your accounting tasks, saving you time and money.
  • Improve accuracy: FloBiz can help you improve the accuracy of your financial data.
  • Stay compliant: FloBiz can help you stay compliant with all the necessary regulations.
  • Make better decisions: FloBiz can give you insights into your business data that you can use to make better decisions.
  • Grow your business: FloBiz can help you grow your business by giving you the tools you need to manage it more effectively.

How to get started with FloBiz

If you’re interested in getting started with FloBiz, you can sign up for a free trial. Once you’ve signed up, you can explore the platform and learn more about its features.

FloBiz is a great option for small businesses in India that are looking for a one-stop solution for managing their finances, inventory, and customers. It’s easy to use, affordable, and can help you save time and money.

FloBiz

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FloBiz Impact and Future

FloBiz has made a significant impact on the lives and businesses of SMBs in India, by helping them save time, money, and effort, and by enabling them to grow faster and smarter. FloBiz claims to have processed over $10 billion in annualized transaction volume, and to have helped SMBs save over $100 million in banking fees and GST penalties.

FloBiz has ambitious plans and goals for the future, as it aims to become the one-stop solution for all the financial needs of SMBs in India. FloBiz plans to launch more products and features, such as insurance, savings, investments, etc., and to expand its customer base, reach, and network . FloBiz also plans to leverage artificial intelligence, machine learning, and data analytics, to provide more personalized and customized solutions for SMBs.

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FloBiz is a neobank that is revolutionizing the way SMBs do business in India, by offering them solutions that are tailored to their needs, preferences, and behaviors. FloBiz is not just a fintech company, but a partner and enabler for SMBs, who aspire to grow and succeed in the digital economy.

If you are an SMB owner or a professional who wants to try FloBiz products and solutions, you can download the app from the Google Play Store or visit the website for more information. If you are interested in joining the FloBiz team and contributing to its mission, you can check out the careers page for the current openings and apply online.

Thank you for reading this article and we hope you found it useful and informative. Please feel free to share your feedback, comments, or questions with us. 😊

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