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Fintech startup BankBazaar.com has raised $30 million from Experian, a global credit rating agency and information management company.
The company also counts Amazon, Sequoia, Eight Roads and Walden International. With the recent round of financing, BankBazaar’s total funding stands at to $110 million so far.
Paperless access
Adhil Shetty, CEO, BankBazaar, said: “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.”
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 company said.
According to Shetty, BankBazaar has seen both customers and regulators accept the role of its paperless finance platform in creating a secure and more transparent process for financial inclusion.
He further added that this paperless technology will prove to be path-breaking in providing higher levels of access to formal finance, including loans and mutual funds to millions of Indians.
With many government-led and regulatory developments in support of digital finance including eKYC, eSign, Digilocker, eNACH, and rapidly changing consumer buying behaviour favouring mobile access to credit, insurance, and mutual funds, BankBazaar is in a strategic position to benefit from rapid growth of the mobile Internet, he said.
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."
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