Non-Metros Fueling BankBazaar's Next Phase of Growth

BankBazaar.com, India’s leading financial marketplace is deepening its presence across India with a 63% increase in non-metro visitors to the website in FY19 as compared to FY18. Of these, more than 54% are new visitors. BankBazaar is present in more than 1300 cities across India. The total increase in visitors in the last financial year, including metros, stood at 35.7%.

BankBazaar.com, India’s leading financial marketplace is deepening its presence across India with a 63% increase in non-metro visitors to the website in FY19 as compared to FY18. Of these, more than 54% are new visitors. BankBazaar is present in more than 1300 cities across India. The total increase in visitors in the last financial year, including metros, stood at 35.7%.

As more and more first-time internet users log on to buy financial products online, BankBazaar noted a 92% year-on-year increase in non-metro visitors from South India. Cities like Mangaluru (271%), Kozhikode (259%), and Coimbatore (245%) showed the highest increase in the number of visitors in South India. East India showed a 62% increase in non-metro visitors followed by North India at 58% and West India at 51%. Some of the fastest growing cities in these regions are Agartala at 240%, Meerut at 244% and Surat at 220%.

Speaking about the increasingly pan-India growth, Adhil Shetty, Co-founder and CEO, BankBazaar, said, “There is a strong demand for online, instant financial services in smaller towns. Increasing levels of digitization have also made the business model viable for smaller towns and cities. Today, they are outpacing the metros in adopting new-age banking methods and are demanding services that are quick, efficient, and innovative. We believe that BankBazaar with its technology and platform can bridge any gap effectively by bringing the widest range of products tailored for every customer segment.”

The non-metro market made its presence felt strongly with higher average loan ticket sizes. According to BankBazaar, the average personal loan ticket size in non-metros is Rs.2.8L, higher than the average ticket size of Rs.2.55L in the metros. This trend has been seen across products.

The company gives credit to its Paperless platform for this growth. There has been an overall 46% year-on-year increase in the number of paperless transactions. In the Personal Loans category alone, there has been a 158% increase. As the company steps into its 12th year, with a view to accelerate this growth and support an increasing customer base, BankBazaar has shifted to a bigger office in Ticel Bio Park Phase-2, Taramani, Chennai.

BankBazaar.com hosts the widest range of financial products from over 50 of the biggest public and private sector banks and NBFCs in India. It closed FY19 with 160mn+ unique visitors. The company raised USD 110M through funding from investors such as Amazon.com, Experian, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.
About BankBazaar

BankBazaar.com, ranked as the best financial website in India by the Internet And Mobile Association of India (IAMAI) and the best emerging brand in Asia by CMO Asia, is India’s first neutral online marketplace that gives you instant customized rate quotes on loans, credit cards or any other personal finance products. It simplifies the loan application process. Anyone can instantly search for tailor-made offers, compare, customize it as per his or her need or profile and apply for their finance products. It is designed with smart technology capabilities and over 50+ of India’s leading financial institutions have chosen to integrate themselves with the platform. For the online consumer today, banking is as easy as shopping for anything online. What’s more, BankBazaar's services are completely free!

BankBazaar services are available through the web-portal, made-for-mobile web service, or the BankBazaar app available on the Android play store and iOS app store. It helps consumers compare best offers across various banks and NBFCs. Apart from these, it gives the consumer the latest news/trends and insights into managing finances better. The consumers can track their application and troubleshoot issues in the process through a host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.

Experian-Owned UK-based Fintech Startup ClearScore Enters India

ClearScore, a London,UK-based free credit checking service, has entered India by launching its web and mobile-web services in the country. The startup has recently got acquired by Experian, a Dublin, Ireland-based consumer credit reporting giant, in March this year. ClearScore is also is getting ready to introduce Android and iOS apps in India, later this year.

Interestingly, Experian is also a investor and major stake holder in India's BankBazaar. In October last year, BankBazaar received $30 million in funding led by Experian, a credit giant with a £14 billion ($18 billion) market cap.

It may be noted that in March 2017, Experian, who own both Clearscore & BankBazaar, had to pay a $3 million fine related to giving credit scores to consumers that were not their true credit score. The Consumer Financial Protection Bureau was the United States federal agency who imposed the fine.

Essentially, ClearScore matches consumers with personal financial products and offers free credit reports. The startup touted as being the first company in the UK to do so and monetizes from commission on products sold to users after they’ve completed their credit check. Its app is completely free (Data ..aah!) – with no upsells or extra charges for additional features.

The website uses real-time data in order to present to users credit suggestions, tailored to their financial situation, ClearScore said in a statement.

Founded in 2014, by Dan Cobley, Justin Basini and Nigel Morris, ClearScore operates in UK and South Africa, with over 7 million users globally.

Also Read - World’s Fastest Growing FinTech Startup Launches Its First Engineering Hub in India

“Our focus has always been on helping our users achieve greater financial well-being, through a beautiful, simple interface. We're making it easier for people to get control over their financial situation, and access the best offers in the market,” Justin Basini, CEO at ClearScore, said in a press release statement.

At present, ClearScore has more than 7 million users globally. The brand intends to launch its free financial coaching feature, as a personalised online service, soon. This feature now has 1.65 million users globally, it added.

“It makes perfect sense for ClearScore to enter India right now. Millennials aspirations to India’s rapid acceptance of fintech innovations over the past two years provide the perfect backdrop for ClearScore’s entry into India at the time,” Hrushikesh Mehta, GM – India at ClearScore, said in a press release statement.

Beside ClearScore and BankBazaar, Experian had also invested in Singapore-based CeKaja.com, a financial marketplaces that help lenders reach new audiences. Last month, Cekaja.com raised $28 million Series C investment round led by Experian.

Experian, which now own two big credit score provider in India, was co-founded by Michael A Barron and Bernie Brenner in January 1980 and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, United Kingdom; California, United States; and São Paulo, Brazil.

Via - Business Line

[Top Image - AlternativeLending.io]

Hitachi’s Ramesh Srinivasan Set to Join BankBazaar as CFO

BankBazaar, India’s leading paperless financial marketplace, announced that Ramesh Srinivasan will be joining the company as its new CFO. Ramesh comes with 22 years of experience in the Banking & Financial Services Industry (BFSI) segment and was earlier the Financial Advisor at Hitachi Payment Services. Prior to his current role, Ramesh was Chief Financial Officer and was also in charge of business planning and strategy for BNA & CRM at Hitachi Payment Services.

A Chartered Accountant and Cost Accountant by education, Ramesh has been a part of organizations such as AT&T‚ NCR, and Optimus. Ramesh would be based in Chennai and would be responsible for leading the company towards an IPO release. Speaking on the appointment, Adhil Shetty, CEO, BankBazaar, said: “This is a very exciting time for BankBazaar. Our technology and paperless platform have made BankBazaar the flag-bearer in helping customers access the right financial products online in the safest and simplest manner. Now we are looking to consolidate our successes and plan ahead with an eye on releasing our IPO in 2020-22. We are confident that Ramesh's expertise in developing financial processes will take us further on our path.”

At a time when most sectors and businesses are thinking of downsizing and cost-cutting, BankBazaar continues on an expansion mode. Previously, BankBazaar had announced that it would be recruiting approx. 400 new employees. As of August 2017, the company has welcomed more than 130 new employees, and is in the process of recruiting more. The company anticipates this expansion to drive its future vision and roadmap after a strong growth in 2016-17. Shetty explains: “We are working on building bigger and more diverse team that can take on the challenges thrown up by next stage of the business cycle. This new team will drive the next phase of growth and profitability for BankBazaar. The expectations are high and so is our enthusiasm.”

In the last financial year, BankBazaar has seen a remarkable growth. The company has made great strides in developing a paperless platform for a range of products, implementing the world’s first multi-brand platform for unsecured credit products such as personal loans and credit cards, along with paperless investment products. The number of unique visitors per month grew from 9M in March 2016 to 17M in March 2017. This is despite a 50% reduction in cost per customer acquisition. The company also announced positive unit economics on every transaction in the last financial year and is on track to achieve EBITDA profitability from December 2017. The year 2016 also saw BankBazaar’s expansion into the international market beginning with Singapore followed by Malaysia in 2017.

BankBazaar is funded by global investors such as Walden International, Sequoia Capital, Fidelity Growth Partners, Mousse Partners and Amazon, and has received investment of $80M till date.

In June 2017, BankBazaar announced its plans to expand its foothold across South East Asia. In line with this vision, the company announced an investment of INR 5 crores in the Malaysian market and an additional INR 10 crores in its Singapore business.

Image Source: ShutterStock

Hitachi’s Ramesh Srinivasan Set to Join BankBazaar as CFO

BankBazaar, India’s leading paperless financial marketplace, announced that Ramesh Srinivasan will be joining the company as its new CFO. Ramesh comes with 22 years of experience in the Banking & Financial Services Industry (BFSI) segment and was earlier the Financial Advisor at Hitachi Payment Services. Prior to his current role, Ramesh was Chief Financial Officer and was also in charge of business planning and strategy for BNA & CRM at Hitachi Payment Services.

A Chartered Accountant and Cost Accountant by education, Ramesh has been a part of organizations such as AT&T‚ NCR, and Optimus. Ramesh would be based in Chennai and would be responsible for leading the company towards an IPO release. Speaking on the appointment, Adhil Shetty, CEO, BankBazaar, said: “This is a very exciting time for BankBazaar. Our technology and paperless platform have made BankBazaar the flag-bearer in helping customers access the right financial products online in the safest and simplest manner. Now we are looking to consolidate our successes and plan ahead with an eye on releasing our IPO in 2020-22. We are confident that Ramesh's expertise in developing financial processes will take us further on our path.”

At a time when most sectors and businesses are thinking of downsizing and cost-cutting, BankBazaar continues on an expansion mode. Previously, BankBazaar had announced that it would be recruiting approx. 400 new employees. As of August 2017, the company has welcomed more than 130 new employees, and is in the process of recruiting more. The company anticipates this expansion to drive its future vision and roadmap after a strong growth in 2016-17. Shetty explains: “We are working on building bigger and more diverse team that can take on the challenges thrown up by next stage of the business cycle. This new team will drive the next phase of growth and profitability for BankBazaar. The expectations are high and so is our enthusiasm.”

In the last financial year, BankBazaar has seen a remarkable growth. The company has made great strides in developing a paperless platform for a range of products, implementing the world’s first multi-brand platform for unsecured credit products such as personal loans and credit cards, along with paperless investment products. The number of unique visitors per month grew from 9M in March 2016 to 17M in March 2017. This is despite a 50% reduction in cost per customer acquisition. The company also announced positive unit economics on every transaction in the last financial year and is on track to achieve EBITDA profitability from December 2017. The year 2016 also saw BankBazaar’s expansion into the international market beginning with Singapore followed by Malaysia in 2017.

BankBazaar is funded by global investors such as Walden International, Sequoia Capital, Fidelity Growth Partners, Mousse Partners and Amazon, and has received investment of $80M till date.

In June 2017, BankBazaar announced its plans to expand its foothold across South East Asia. In line with this vision, the company announced an investment of INR 5 crores in the Malaysian market and an additional INR 10 crores in its Singapore business.

Image Source: ShutterStock

Financial Marketplace BankBazaar to Invest Rs.15 Cr in International Business

BankBazaar, India's leading financial marketplace, is upping its investment in its International business with an additional Rs.10 crore investment in its Singapore subsidiary. The company will also invest Rs.5 crore in its Malaysian arm towards the end of the year.

BankBazaar entered the Singapore market in early 2016 with an initial outlay of Rs.1 crore. This was followed by a Rs.5-crore investment in September last year. This second investment will be used for generating better brand awareness of the Singapore portal as well as for expanding the Singapore team, both onshore and offshore.

Speaking about the investment, Adhil Shetty, CEO, BankBazaar, said: “International markets like Singapore or Malaysia are showing positive signs for a business like ours. With the absence of a marketplace that is capable of providing end-to-end services across products, BankBazaar becomes the frontrunner by providing such a marketplace powered by completely paperless technology. Our technology is very flexible and adaptable. So we are able to scale across these countries today without having to spend on technology resources. Hence, it makes a lot of business sense to invest in business development in what we see as very promising markets.”

The company sees huge potential in the international market and foresees almost 20% of the total revenue coming from international subsidiaries by 2020. “We are the pioneers of paperless finance in India, and aim to replicate our successes internationally. Today, the Singapore arm has already started generating revenue. We see a huge potential here, and so do our partners. We already have a few partners on board and are in talks with many more to increase this number,” added Shetty.

Towards the end of the year, BankBazaar will also be investing Rs.5 crore to spread its International business to BankBazaar to Malaysia. The company currently has a website live in Malaysia though the subsidiary will be set up in the second half of this year. It is also exploring other Asian and Middle Eastern markets including the UAE, the Philippines and Indonesia.