Mintifi, an IFC-backed B2B buy-now-pay-later platform, has raised  $40 million in a series-C funding round led by Norwest Venture Partners and Elevation Capital.

The digital lending platform has so far raised $ 60 million in equity and $40 million in debt. The fresh cash infusion enables the company to expand its capital base to more than  $500 million, allowing it to accelerate its business, media reports said. Mintifi counts the International Finance Corporation, a private-sector investment arm of the World Bank, and Lok Capital as its other shareholders.

Mintifi will use the funds to expand the company's technology infrastructure, expand product offerings, including BNPL solutions for SMEs, scale up its co-lending platform through a plug-and-play solution, and deepen its engagement across the supply chain network by developing an end-to-end fulfilment platform across industries.

Mintifi, founded in 2017 by industry veterans Anup Agarwal, Ankit Mehta, and Sanjoy Shome, has over 100 brands under its umbrella, including Tata Motors, Bridgestone Tyres, Berger Paints, Polycab, Nivea, and Jockey. It assists distributors and retailers in unlocking their supply chain by digitising payments, invoicing, and purchase financing solutions.

Mintifi's payment and financing stack creates a win-win situation for brands, distributors, and retailers by reducing payment processing time and increasing inventory turns, thus fueling revenue growth throughout the supply chain.

It collaborates with banks and financial institutions on its co-lending platform, according to Anup Agarwal, co-founder, and CEO.