BankBazaar, an Indian company and digital credit marketplace, received $30 million in funding yesterday, according to a news report from TechCrunch. The investment comes primarily from British credit firm Experian, which has an $18 billion market cap.
“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,” said BankBazaar CEO Adhil Shetty. “There is a natural synergy between the world’s largest information management company and one of the fastest growing FinTech companies.”
Experian isn’t the first major investor to back BankBazaar. In 2015, the company raised $60 million in Series C funding in a round led by Amazon. In its nine-year existence, BankBazaar has raised $110 million in investments.
Founded by three Indian entrepreneurs who worked at Amazon, Cisco and Kraft Foods in the United States, BankBazaar offers digital access to a variety of financial services in India. Its web portal supports WhatsApp, the most popular messaging platform in India, in addition to desktop, phone and email access.
Aiming to take advantage of increased internet access in India – according to the Internet and Mobile Association of India, more than 450 million people are connected in the country this year – BankBazaar says that it expects to use the funding to expand its focus on digitizing Indian paperwork to include a wider variety of its financial services.
BankBazaar isn’t the only firm in India offering digital financial services, with the likes of MyWish Marketplaces, News Corp’s BigDecisions.com, Flipkart’s RupeePower and YC graduate Credy also making headway.
BankBazaar hasn’t disclosed other investors participating in the current round of funding, but some of its known backers are Sequoia, Fidelity Growth Partners and Walden International.
Shetty did not include specifics of how BankBazaar intends to work with Experian.
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