Chennai-based online financial marketplace, BankBazaar has announced the addition of $736K (SGD 1 Mn) growth capital in its Singapore arm – BankBazaar International.
The funds will be used to scale technology, and strengthen the expansion strategies, as well as to establish its first financial marketplace in Singapore.
The company has, to date, raised $80 Mn through funding from investors such as Amazon.com, 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.
Adhil Shetty, co-founder and CEO, BankBazaar said, “BankBazaar is experiencing spectacular growth in India and we are looking to replicate that winning formula in Singapore. While the Indian market continues to be my focus, we believe the future of fintech is global and Singapore is one of its capitals.”
The company made its foray into the international market in February this year starting with Singapore, under the leadership of Aman Narain. “The investment reflects the management’s support and the experience of investors like Amazon in building a strong foundation before embarking on our international offering here in Singapore. The preparatory work we have done with banking partners in the last six months has excited us about giving the Singaporean consumer a transparent, tailored, unique, and genuinely easy buying experience,” said Narain.
Apart from Singapore, BankBazaar is also exploring markets in other Asian and select Middle Eastern markets.
A multi-brand financial product comparison platform, BankBazaar started its operation in 2008 under the leadership of Adhil Shetty, and Rati Rajkumar.
Presently, it hosts a wide range of financial products from over 75+ of the leading public and private sector banks, NBFCs, and insurance companies in India. It claims to gets an average of 7 Mn visitors per month.
The platform’s services are available through the web-portal, made-for-mobile web service, or the BankBazaar app available on the Android and iOS. It helps consumers compare best offers across various banks and NBFCs. 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.
In April this year, Bankbazaar expanded its portfolio of services by adding mutual funds, while in September 2016, it launched the world’s first multi-brand, paperless, e-KYC platform for instant car and personal loan approval.
Recently, it also appointed Navin Chandani as Chief Business Development Officer. Chandani was previously the Senior Director and Head –Segment Solutions & Consumer Experiences – India & South Asia at VISA.