Fri. Mar 29th, 2024

BankBazaar, a startup which operates a finance marketplace, has raised around ₹191 crore ($30 million) in its Series D funding round from UK-based credit rating agency and information management company, Experian Plc.

With this new funding round, the total amount raised by the company so far stands at $110 million. It last raised $59.1 million in a Series C round from Amazon, Fidelity Growth Partners, Mousse Partners and existing investors Sequoia Capital and Walden International.

Adhil Shetty, chief executive officer at BankBazaar, said in a statement:

Experian is a global leader in credit reporting and information management. There is a natural synergy between the world’s largest information management company and one of the fastest growing fintech companies. 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.

BankBazaar, which is based in Chennai, was founded in 2008 by Adhil Shetty, Arjun Shetty and Rati Shetty. It helps consumers to compare offers across various banks and non-banking financial companies (NBFCs) for products such as credit and debit cards, loans, savings and investment products, and insurance.

The company has partnered with more than 75 financial institutes and has diversified to offer 12 financial products including insurance and mutual funds, besides the banking products it initially began with. For the year that ended on 31st March 2016, the company reported revenues of ₹71 crore.

By Jeet