Bankbazaar raises $30m from Experian
MUMBAI: Financial marketplace Bankbazaar has raised $30 million (₹191 crore) from Uk-based credit rating agency and information management company, Experian Plc, in its latest round of fund-raising.
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,” said Adhil Shetty, CEO at Bankbazaar, in a statement.
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 ₹375 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 around 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 ₹500 crore, roughly $75 million, at a valuation of $500 million from new and existing investors.