BankBazaar raises US$30 million from investors group led by Experian

BankBazaar.com, India’s leading financial marketplace with 50 million visits per quarter, has raised US$30 million in a funding round led by Experian, the world’s largest credit rating agency and information Management Company.

Speaking about the investment, Adhil Shetty, CEO, BankBazaar, said, “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. 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.”

With many Government-led and Regulatory developments in support of digital finance including eKYC, eSign, Digilocker, eNACH, rapidly changing consumer buying behaviour favouring mobile access to credit, insurance, and mutual funds, investors feel that BankBazaar is in a strategic position to benefit from rapid growth of the mobile Internet. BankBazaar has maintained its ISO 27001:2013 (Information Security Management System) certification since 2013, and its security policies for data protection and information security are in line with international standards with periodic info-sec audits by internal and external auditors, licensing authorities, and financial service partners.

Commenting on the same, 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."

This recent round of financing brings BankBazaar’s total funding amount to US$110 million.