BankBazaar raises $30 million from Experian
The funding from Experian will enable BankBazaar to accelerate towards paperless access to all financial products, says CEO Adhil Shetty
Mumbai: Financial marketplace BankBazaar has raised $30 million (Rs191 crore) from UK-based credit rating agency and information management company, Experian Plc, in its latest round of funding.
BankBazaar helps consumers 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.
Chennai-based BankBazaar was founded in 2008 by Adhil Shetty, Arjun Shetty and Rati Shetty. Experian, listed on the London Stock Exchange, employs 17,000 people across 37 countries. The latest round brings BankBazaar’s total funding to $110 million.
“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,” Adhil Shetty, chief executive officer at BankBazaar, said in a statement.
“Experian will enable us to accelerate towards our vision of paperless access to all financial products,” he added.
Earlier this year, Experian and BankBazaar tied up to provide customers with a free credit score service. The latest round values BankBazaar at $300 million, said two people aware of the development, requesting anonymity.
“Experian has picked up a 10% stake in BankBazaar in this Series-D round, valuing the company at $300 million,” said one of the two people cited above.
Experian did not comment on queries sent on Monday evening.
BankBazaar last raised funds in 2015. The Rs375 crore funding round was led by Amazon Inc. Other participants in the round included Fidelity Growth Partners, Mousse Partners and existing investors Sequoia Capital and Walden International.
Sequoia and Amazon are the largest shareholders in the company, holding approximately 20% and 17% stake, respectively. The fund-raising at BankBazaar coincides with that at its rival, PolicyBazaar.
On Friday, Mint reported that Policybazaar, run by EtechAces Marketing and Consulting Pvt. Ltd, has raised Rs500 crore, roughly $75 million, at a valuation of $500 million from new and existing investors.
New investors that invested in PolicyBazaar in this round included the likes of home-grown private equity firm True North, IDG Venture Partners and Wellington Management Group, a Boston-based assets management firm. Existing investors Temasek, Tiger Global Management and Premji Invest also participated in the round.
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