BankBazaar, an India-based online financial marketplace with operations in Singapore and Malaysia, has raised US$30 million in a funding round led by Experian, a credit rating agency and information management company.
This brings Bangalore-based BankBazaar’s total funding raised to date to US$110 million.
Adhil Shetty, CEO, BankBazaar, said: “The funds from this round will be used to further strengthen our position as the leader in secure paperless access to loans, cards, and mutual funds. Experian will enable us to accelerate towards our vision of paperless access to all financial products.”
BankBazaar is an online marketplace providing instant customised rate quotes on loans, credit cards or any other personal finance products. The platform helps consumers compare best offers across various banks and NBFCs. Apart from these, it gives the consumer the latest news/trends and insights into managing finances better. The consumers can track their application and troubleshoot issues in the process through a host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.
The company has partnered with over 75 leading financial institutions and insurance firms in India.
Ben Elliott, CEO, Experian Asia Pacific, said: “We believe that consumer adoption of fully digital experiences coupled with paperless access to financial products will push customer acquisition 10X by 2020. With e-commerce shoppers growing significantly over the next few years, companies with paperless technology platforms, are well-positioned to leverage the latest trends in consumer technology and help millions of Indians gain access to the formal banking and finance products, further enabling financial inclusion for millions of underserved consumers.”