BankBazaar raises $60mn in fund raising round led by Amazon
Indian based BankBazaar is an aggregator of financial services offerings, targeting its home market where the majority of the population are currently unbanked and uninsured. Visitors to the platform access details on a wide range of offers for loans, credit cards and insurance, and are guided through the application process by a contact center and online help. The model that could easily be adapted for other markets and Amazon may well be building the option of being a major channel playing in financial services.
BankBazaar, an India-based platform to search, compare and apply for loans, credit cards and insurance products, raised $60M in a Series C round of funding.

The round was led by Amazon.com with participation from Fidelity Growth Partners and Mousse Partners and previous investors Sequoia Capital & Walden International.

The funds will be primarily deployed towards technology integration, hiring, strengthening partner relationships, improving the customer experience, upscaling marketing and branding efforts, investing in the mobile App, and launching other personal finance products.

Led by CEO Adhil Shetty, COO Arjun Shetty and CPO Rati Shetty, BankBazaar is a neutral online marketplace for instant customized rate quotes on loans, credit cards and insurance products. The platform is also available on both the Android & iOS platforms.

The company has offices in Chennai, Bangalore, Mumbai and Gurgaon.

FinSMEs

06/07/2015