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BankBazaar raises series D funding from Experian credit agency

BankBazaar has raised $30 million is a series D round of funding from global credit agency Experian. The funds will be used to help facilitate paperless loans, cards, and mutual funds, CEO Adhil Shetty said in a statement.

Note that BankBazaar had tied up with Experian earlier this year where could customers can get a free credit monitoring services from the credit agency.

The credit bureau will give a snapshot of a customer’s current credit status which will show the utilization of loans and credit cards. The report will take into account repayment behaviour, credit utilization pattern, type of loan (whether it is a secured or unsecured), default in EMI payments. Customers score will be rated from 300 to 900 and will state the reasons for influences for the score.  At the time, BankBazaar said the service through Experian is free. Generally, customers have to pay credit bureaus for more than one soft query in a year.

With this, BankBazaar’s total funding stands at $110 million. In July last year, BankBazaar raised $60 million in a round of funding led by Amazon. In July 2014, it had raised around $13 million from Sequoia Capital and Walden International. In 2011, itraised its $ 6 million Series A round of funding from Walden International.

International expansion

Meanwhile, in May, BankBazaar invested an additional Rs.10 crore in its Singapore subsidiary and Rs 5 crore in its Malaysian arm. The company entered the Singapore market in February last year with an initial investment of Rs 1 crore. In September, it invested an additional Rs 5 crore. It claims the Singapore subsidiary has already started generating revenue. The company predicts that almost 20% of the total revenue will come from international subsidiaries by 2020. It also has websites live on Philippines, UAE and Mexico offering personal loans, car loans, home loans, credit card and fixed deposits.

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