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DMI Finance Private Limited, an NBFC of the DMI Group, on Tuesday said it had closed a $47 million equity investment round which included new investor Sumitomo Mitsui Trust Bank Limited. SuMi TRUST Bank joins existing investors including New Investment Solutions and NXC Corporation.
With this, the company has a total equity base of $500 million.
Growing customer base
The NBFC is a lending partner of choice for over 25 businesses including partnerships with Samsung and Reliance Retail. It has a pan-India customer base of over 6 million which is expected to grow at least 10 per cent m-o-m through 2022, the company said.
“We are in the early stages of what is already an incredible period of building India’s digital financial ecosystem. As we look to drive financial inclusion at scale, we welcome SuMi TRUST Bank’s vote of confidence in our vision and execution,” said a spokesperson for DMI Finance.
A spokesperson for SuMi TRUST Bank said, “We are excited to start the partnership with DMI. Digital financing is entering a high growth phase and will be instrumental in achieving financial inclusion. DMI is rightly placed to capitalise on the opportunity as it has successfully combined fintech and last-mile reach capabilities to service the aspiring consumer base.”
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