BankBazaar funding: raises INR 45 crores
The Chennai based fintech BankBazaar raises INR 45 crore in its latest series D1 funding round from WSV – a joint venture fund of Walden International, Korean company SKTA with its existing investors including Amazon, Sequoia India, Experian, and Eight Roads. The company is planning to use the funds for improving and increasing the delivery of contactless personal finance products and also expanding business in India.
The CEO & founder of Bank Bazaar Adhil Shetty says “BankBazaar has spent the last decade in building world-class infrastructure to enable Indians access financial products online from leading lenders across the country. In the post-COVID-19 world, the demand for contactless finance is going to grow exponentially, and this round of funding will help us accelerate our plans to implement contactless access to credit. This round of funding reiterates our investors’ trust in our vision of contactless finance as the future of personal finance and in our ability to make it a reality.”
Founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty with an aim to aggregate financial products offered by different banks like all types of loans, credit cards, fixed deposits, etc. It sets a neutral online marketplace for instant customized rate quotes on loans and credit cards. It has special features like ease of understanding financial jargon, easy to compare all products online with reviews, get discounts on products, all paperwork assistance, customer support service, and much more.
The founder & CEO of StartupLanes, Shishir Gupta says when we talk about financial services and products there a lot of options available for us. Almost all the banks are coming up with some new schemes and offers. It becomes very important for the customer to understand the product first and value with Return. A layman sometimes got confused with the available options. So here we need someone who can help us to understand the products offered in simple and easy language. And this job is fairly done by BankBazaar. Thanks and many wishes to the team of BankBazaar. Congratulations and keep growing.
The Indian banking system consists of 20 public sector banks, 22 private sector banks, 44 foreign banks. Demand has grown for both corporate & retail loans especially in real estate, consumer durables & agriculture allied sectors.