Financial marketplace BankBazaar said it had raised $30 million in a funding round led by Experian, the world’s largest credit rating agency. The company said the funds from this round would be used to further strengthen its 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,” said Adhil Shetty, chief executive of BankBazaar, in a statement.
BankBazaar said it had seen both customers and regulators accept the role of its paperless finance platform in creating a secure and more transparent process for financial inclusion. It said many government-led and regulatory developments were in support of digital finance including eKYC, eSign and Digilocker. This is rapidly changing consumer buying behaviour, favouring mobile access to credit, insurance, and mutual funds. The company said that it was also in a strategic position to benefit from the rapid growth of mobile Internet.
“We believe that consumer adoption of fully digital experiences, coupled with paperless access to financial products, will push customer acquisition 10X by 2020,” said Ben Elliott, CEO, Experian Asia Pacific, in a statement. This recent round of financing brings BankBazaar’s total funding amount to $110 million.
