BankBazaar invests in Singapore expansion
BankBazaar, an Indian comparison site for insurance, loans, credit cards and other personal finance products, announced it is injecting SGD1m ($736,000) capital into its Singapore unit. The funds will be used to scale technology and establish the first marketplace of this type in Singapore. Experiencing spectacular growth in its home market, according to Adhil Shetty, the firm's co-founder and CEO, the company hopes to replicate its success in Singapore and is currently exploring other markets in Asia and the Middle East.

 

Chennai, India-based online financial marketplace, BankBazaar announced the addition of $736K (SGD 1 Mn) growth capital into its Singapore arm, BankBazaar International, according to a release. The funds will be used to scale technology, and strengthen the expansion strategies, as well as to establish its first financial marketplace in Singapore. To date, Bank Bazaar has raised $80M through funding from investors including Amazon.com, Fidelity Growth Partners, Mousse Partners, Sequoia Capital, and Walden International, with a $60M chunk in funding from Amazon, Fidelity Growth Partners and Mousse Partners completed last year.

“BankBazaar is experiencing spectacular growth in India and we are looking to replicate that winning formula in Singapore,” indicated BankBazaar Co-Founder and CEO Adhil Shetty. “While the Indian market continues to be my focus, we believe the future of fintech is global and Singapore is one of its capitals.”

This past February, BankBazaar forayed into the international market with Singapore, and is currently exploring markets in other Asian and select Middle Eastern markets.

“The investment reflects the management’s support and the experience of investors like Amazon in building a strong foundation before embarking on our international offering here in Singapore,” commented BankBazaar CEO International Aman Narain. “The preparatory work we have done with banking partners in the last six months has excited us about giving the Singaporean consumer a transparent, tailored, unique, and genuinely easy buying experience,” said Narain.

A multi-brand financial product comparison platform, BankBazaar started its operation in 2008 under the leadership of Adhil Shetty and Rati Rajkumar, presently hosting a wide range of financial products from over 75+ of the leading public and private sector banks, NBFCs, and insurance companies in India, claiming an average of 7 million visitors per month.