BankBazaar, a financial marketplace for customised rate quotes on loans, credit cards or any other personal finance products, has raised US$60 million in its Series C round of funding led by Amazon, with participation from Fidelity Growth Partners and Mousse Partners.
“BankBazaar is a unique and compelling service that aligns with Amazon’s mission in India – to transform the way India buys and how India sells. It gives Amazon great confidence that BankBazaar is led by an innovative team of visionaries who lay emphasis on things that matter to customers and have a long term focus. Amazon looks forward to working with them and supporting their growth,” said Amit Agarwal, Vice President and Country Manager, Amazon India.
Established in 2008, a user can instantly search for offers, compare, customise it as per his or her needs or profile and apply for their finance products on BankBazaar, as well as the BankBazaar app for Android and iOS.
The platform also gives the consumer the latest news/trends and insights into managing the finances better. 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., shared an official release.
The latest round of funding will be used towards technology integration, hiring and strengthening partner relationships. The company will also invest to upscale its marketing and branding effort to reach out to a larger number of consumers.
According to the company, presently, 40 per cent of the users connect to BankBazaar through smartphones. Additionally, online loan applications across home, personal and auto loans are growing by 90 per cent, compared to 15 per cent growth in offline. Hence, the company is investing heavily on made-for-mobile web service and mobile platforms in order to enable larger connect with the audience.
It has also launched other personal finance products to help consumers clinch better deals. The company has signed on more than 23 partners to give a wide range of options to the consumers.