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This story is from October 17, 2017

US credit rating firm Experian leads $30 million funding in BankBazaar

Loans and credit cards continue to be the largest revenue churner for BankBazaar while new businesses like mutual funds are registering fast growth.
US credit rating firm Experian leads $30 million funding in BankBazaar
Loans and credit cards continue to be the largest revenue churner for BankBazaar while new businesses like mutual funds are registering fast growth.
Financial products marketplace BankBazaar has raised $30 million led by US-based consumer credit reporting agency Experian.
BankBazaar, backed by investors like Amazon, venture capital fund Sequoia Capital, among others, plans to use the fresh capital to push for a paperless business, consumer credit score and international expansion. Currently operational in Singapore, outside of India, is looking to expand into countries like Malaysia, Philippines.

The fin-tech startup has now raised $110 million in funds since starting up in 2008. " Our recently launched mutual fund business has shown solid traction which is a fully digital product. We had an initial estimate of hiring 400 people this year but we have already hit that mark within first six month of the year. So, we are looking to hire another 400 across functions," said Adhil Shetty, CEO, BankBazaar. According to him the company has about 1,500 string workforce. "There is a natural synergy between the world’s largest information management company (Experian) and one of the fastest growing fintech companies. Credit score is a big business and this partnership will allow us to scale that business here and other markets," Shetty said.
Loans and credit cards continue to be the largest revenue churner for BankBazaar while new businesses like mutual funds are registering fast growth. BankBazaar is aiming to record operational profits by end of the current financial year.It has been making top level hires with the most recent one being of Ramesh Srinivasan who joined the Chennai-based company as its CFO in August this year.
“We believe that consumer adoption of fully digital experiences coupled with paperless access to financial products will push customer acquisition 10 times 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 under-served consumers," said Ben Elliott, CEO, Experian Asia Pacific.
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