Chennai-based online financial marketplace BankBazaar has raised $30 Mn in a funding round led by credit rating agency and information management company Experian. The funds will be used to further strengthen its position as the leader in secure paperless access to loans, cards, and mutual funds. Experian will also help the startup to accelerate towards its vision of paperless access to all financial products.
Adhil Shetty, CEO, BankBazaar, stated, “Experian is a global leader in credit reporting and information management, and we are very excited to have them on board as a part of our investor group which includes Amazon, Sequoia, Eight Roads (Fidelity Growth Partners), and Walden International. There is a natural synergy between the world’s largest information management company and one of the fastest growing fintech companies.”
This recent round of financing brings BankBazaar’s total funding amount to $110 Mn. Previously, The company has raised funding from investors such as Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia Capital, and Walden International. A massive $60 Mn funding from Amazon, Fidelity Growth Partners and Mousse Partners was done in July last year.
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The Credit Score Tracker that Experian and BankBazaar have partnered on brings to the Indian consumer a secure Free Credit Score with education material on how to improve one’s credit score through better financial planning. The startup now claims to have 50 Mn visits per quarter.
BankBazaar enables instant customized rate quotes on loans, credit cards or any other personal finance products. It simplifies the loan application process. Anyone can instantly search for tailor-made offers, compare, customize it as per his or her need or profile and apply for their finance products. With its paperless finance platform, it aims to create a secure and more transparent process for financial inclusion.
With many government-led and regulatory developments in support of digital finance including eKYC, eSign, and Digilocker, among others, BankBazaar aims to capitalise on the rapidly changing consumer buying behavior favoring mobile access to credit, insurance, and mutual funds. The Indian fintech market, currently standing at $1.2 Bn, is forecasted to touch $2.4 Bn by 2020. Last month, another fintech startup in the same space, CreditVidya has raised $5 Mn in a round led by Matrix Partners India. Besides CreditVidya, other players in the fintech space that compete with BankBazaar include Paisabazaar, Rupeepower, among others.