Experian joins investors such as Amazon, Sequoia, Eight Roads (Fidelity Growth Partners), and Walden International as investors investing $30 million in a Series D round led by Experian which brings the total funding to $110 million for BankBazaar. Experian and BankBazaar tied up earlier this year offering free credit scores to customers and according to CEO Adhil Shetty the new funding will be utilized to bring more customers and will push its paperless products.
BankBazaar will also hire 400 new employees by the end of this year and will start on Malaysian market. BankBazaar looks to be EBITDA positive by March and it is receives by 50 million visits per quarter.
According to Ben Elliott, CEO of Experian Asia Pacific:
“We believe that consumer adoption of fully digital experiences coupled with paperless access to financial products will push customer acquisition 10X by 2020. With e-commerce shoppers growing significantly over the next few years, companies with paperless technology platforms, are well-positioned to leverage the latest trends in consumer technology and help millions of Indians gain access to the formal banking and finance products, further enabling financial inclusion for millions of underserved consumers.”
Having a history of 125 years , Experian utilizes the power of data to create opportunities for consumers, businesses and society. It currently employs 17,000 employees in 37 countries. The total revenue as of March 31, 2016 was $4.6 billion.
Founded in 2007, BankBazaar is an online financial product comparison platform that customers use to apply for loan, insurance and credit cards. Based in Chennai, India, BankBazaar employs 1283 employees.