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BankBazaar Secures $30M Funding From Experian

BankBazaar Secures $30M Funding From Experian

BankBazaar.com, an online marketplace for financial products, said it has raised $30 million funding, led by credit agency Experian.

The company will use the proceeds of the funding to expand its operations in India and overseas markets, strengthen workforce and platform.

“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,” BankBazaar CEO Adhil Shetty told PTI.

The company has raised USD 110 million till date, including the current round.


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“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,” Shetty said.

BankBazaar already works with Experian for offering free credit score to customers. It gets about 50 million monthly visits on its platform.

The company also plans to expand and strengthen its international operations.

“By the end of March 2018, we expect 10 per cent of our revenues to come from international operations,” he said adding that the company has a presence in markets like Singapore and Malaysia.

BankBazaar is also ramping up its headcount. “We had said we will hire 400 people this year and we have already got these people in within six months. We will hire another 400 in the next six months,” Shetty said.

 


 

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