BankBazaar, a paperless financial marketplace, has today announced that Ramesh Srinivasan will be joining the company as its new CFO.
Ramesh Srinivasan was earlier the Financial Advisor at Hitachi Payment Services. He has 22 years of experience in the Banking & Financial Services Industry (BFSI).
He was the Chief Financial Officer and also in charge of business planning and strategy for BNA & CRM at Hitachi Payment Services.
Commenting on his appointment, Adhil Shetty, CEO, BankBazaar, said:
This is a very exciting time for BankBazaar. Our technology and paperless platform have made BankBazaar the flag-bearer in helping customers access the right financial products online in the safest and simplest manner. Now we are looking to consolidate our successes and plan ahead with an eye on releasing our IPO in 2020-22. We are confident that Ramesh’s expertise in developing financial processes will take us further on our path.
Since the last financial year, the company claims to have witnessed a remarkable growth. BankBazaar says that it has made great strides in developing paperless platform for a range of products such as personal loans and credit cards, along with paperless investment products.
As per the numbers revealed by the company, its unique visitors per month grew from 9 million in March 2016 to 17 million in March 2017. Further, the company says that it managed to reduce the cost per customer acquisition by 50 percent.
The company also announced positive unit economics on every transaction in the last financial year and is on track to achieve EBITDA profitability from December 2017.
BankBazaar has also expanded its operations into the international market, starting with Singapore last year, and Malaysia this year. It has also announced its plan to expand its business across South East Asia.