18 October 2017, India:
Financial marketplace BankBazaar has raised $30 million in the latest round of funding led by UK-based credit rating agency and information management company, Experian.
Founded in 2008 by Adhil Shetty, Arjun Shetty and Rati Shetty, BankBazaar helps consumers compare offers across various banks and non-banking financial companies (NBFCs) for products such as credit and debit cards, loans, savings and investment products, and insurance.
“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,” BankBazaar CEO Adhil Shetty said in a statement. “There is a natural synergy between the world’s largest information management company and one of the fastest growing fintech companies.”
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“The investment is more a strategic partnership, since Experian is the largest credit bureau in the world. This is a step-up round for us, since we still had money left from the 2015 round,” Shetty 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,” Ben Elliott, CEO, Experian Asia Pacific, said in a statement.
BanKBazaar will hire 400 more people by the end of the financial year and will also focus on expansion to new markets, starting with Malaysia. BankBazaar currently sees 50 million visits per quarter. Sequoia and Amazon are the largest shareholders in the company, holding approximately 20 percent and 17 percent stake, respectively.
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