BankBazaar Raises $30 Million In Funding Round Led By Experian

BankBazaar.com, an online marketplace for financial products, today said it has raised $30 million funding, led by credit rating agency, Experian.

The company will use the proceeds to expand its operations in India and overseas markets, strengthen workforce and platform. “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 media statement.

BankBazaar already works with Experian to offer free credit score to customers. It gets about 50 million monthly visits on its platform.

BankBazaar helps consumers compare offers across various banks and non-banking financial companies for products such as credit and debit cards, loans, savings and investment products, and insurance. It 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 company has raised $110 million till date, including the latest round.

“Experian is a global leader in credit reporting and information management, and we are very excited to have them on board as a part of our investor group, which includes Amazon, Sequoia, Eight Roads (Fidelity Growth Partners), and Walden International,” Shetty told PTI.

The Chennai-based company expects 10 percent of its revenue to come from international operations by March 2018, Shetty said, adding that the company has a presence in markets like Singapore and Malaysia.

BankBazaar is also ramping up its headcount. “We had said we will hire 400 people this year and we have already got these people in within six months. We will hire another 400 in the next six months,” Shetty said.