BankBazaar raises $30M in series D funding led by Experian

By : |October 18, 2017 0

Financial products marketplace BankBazaar has raised $30 million in a funding round led by  London-headquartered credit rating agency and information management company Experian.

The latest round brings BankBazaar’s total funding to $110 million. BankBazaar’s other investors include Amazon that led its $60 million Series C funding in 2015, Sequoia, Eight Roads from Fidelity Growth Partners and Walden International.

Adhil Shetty, CEO of BankBazaar, said the funds would be used to strengthen its position in secure paperless access to loans, cards, and mutual funds and Experian will enable it to accelerate towards the vision of paperless access to all financial products.

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“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,” Ben Elliott, CEO, Experian Asia Pacific, said in a statement.

BankBazaar was founded by three entrepreneurs- Adhil Shetty, Arjun Shetty and Rati who returned home from the US — having worked at Amazon, Cisco and Kraft Foods — with a long-term vision to make financial services digital, or “paperless”. Beyond India, BankBazaar also forayed into Singapore last year.

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