BankBazaar, the online fintech platform that lets users browse and apply for a plethora of financial services, has received Rs 45 crore in fresh financing as part of its ongoing Series D1 round. With this round, BankBazaar has now received a total of $116 Mn in external capital. The latest round of funding has been led by WSV which is a joint venture fund of Walden International and Korean company SKTA.
The platform has claims consistent growth since its inception and was scheduled to achieve operational month-on-month profitability in March 2020. Available data suggests that between October 2019 and February 2020, BankBazaar’s registered customer base rose to over 40 million and it saw a 90% increase in monthly organic traffic.
BankBazaar has raised a total of $116 Mn so far out which the existing investor Amazon has invested Rs 29 crore and Sequoia Capital has invested Rs 16 crore. Earlier in March 2017, an equity financing of $30mn was also carried out.
The company offers financial products such as home, car, personal loans, and credit cards offered by different banks through contactless finance methodology. The over a decade-old company has built a strong infrastructure which enables the users to visit the app/ website and compare offers across various banks and non-banking financial companies (NBFCs) and purchase them online.
It has partnered with over 80 financial organizations in India that include the largest nationalized and private banks, NBFCs and insurance companies to offer financial products and services. It offers services across 1,336 cities and towns in India It competes with the likes of SoftBank-backed PolicyBazaar and Accel-backed Coverfox.
This latest round of funding will go towards further accelerating the delivery of contactless personal finance products and business expansion in India. The demand for contactless personal finance product has grown in the last few years and has received a new boost in this post COVID-19 environment.
This round of funding in the COVID times is a strong validation of sound financials and business plans for BankBazaar and probably also an indicator of the growth of contactless personal finance in India in the years to come.