FloBiz has raised $10 million in Series A funding led by Elevation Capital, along with participation from existing investors Greenoaks Capital and Beenext. The company, which owns the billing and accounting app myBillBook, said it will use the capital raised to expand its team for further product development and to accelerate its sales and marketing efforts.

“Access to smartphones and internet penetration with affordable data plans have led to a rapidly growing demand for digital tools and products amongst small and medium business owners, who currently have to heavily rely on manual, paper-led processes,” said Rahul Raj, founder, and CEO at FloBiz. “With this additional funding we plan to grow our trader base at least 7X by 2022 through deeply focused product developments driven by user feedback and making myBillBook simple to use through personalization,” Raj added.

FloBiz claims that it has grown over 12 times in the last six months, with three million SMBs using its platform and recording over $6 billion in annualized transaction volumes through it. Its flagship product myBillBook offers capabilities such as recording transactions, maintaining inventory, managing receivables, and payables, building business reports, and also provides multi-user access with permission controls.

“Digitisation of SMBs is an irreversible trend and we have been very impressed with FloBiz’s mobile-first, bottom-up product-led approach to capture this opportunity. We believe that myBillBook is building for foundational, deep use-cases for this segment making the product indispensable to the SMB owners,” said Mridul Arora, managing director at Elevation Capital.