Credit rating agency and information management company BankBazaar.com has raised Rs 195 crore ($30 million) funding led by Experian.
This round of financing brings BankBazaar's total funding amount to Rs 715 crore ($110 million). The company now aims to help consumers getting access the right financial product, paperless.
The company said that both customer and regulator have accepted the role in its paperless finance platform in creating a secure and more transparent process for financial inclusion.
With many government-led and regulatory developments in support of digital finance including e-KYC, e-Sign, Digilocker and e-NACH, the consumer buying behaviour is rapidly changing. Investors now feel that BankBazaar is in a strategic position to benefit from the rapid growth of the mobile Internet.
Speaking about the investment, Adhil Shetty, CEO, BankBazaar, said: "The funds from this round will be used to further strengthen our position as the leader insecure paperless access to loans, cards, and mutual funds. Experian will enable us to accelerate towards our vision of paperless access to all financial products."
BankBazaar's security policies for data protection and information security are in line with international standards with periodic info-sec audits by internal and external auditors, licensing authorities, and financial service partners.
Speaking on the funding, Ben Elliott, CEO, Experian Asia Pacific, said, "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 product."
