BankBazaar.com, India’s leading financial website recently announced that the company was increasing investment in its Singapore arm – BankBazaar International. BankBazaar.com will add SGD 1 million as growth capital in the international markets.
This strategic decision was approved by the company’s board, including investors Sequoia Capital and Amazon.com. The SGD 1 million investment is aimed at scaling technology and building an international team. It will add momentum to BankBazaar’s expansion efforts and help in establishing the first Financial Marketplace in Singapore. You will now be able to compare Home Loans, Car Loans, Personal Loans, Credit Cards and more in Singapore.
Sharing his thoughts on the decision to invest in BankBazaar International, Adhil Shetty, Co-Founder and CEO, BankBazaar.com said, “BankBazaar is experiencing spectacular growth in India and we are looking to replicate that winning formula in Singapore. While the Indian market continues to be my focus, we believe the future of Fintech is global and Singapore is one of its capitals.”
BankBazaar’s entry into the international market is a bold move, at a time when most companies are sceptical of venturing into foreign markets.
BankBazaar.com made its international debut in February 2016, setting up international headquarters in Singapore. BankBazaar International, spearheaded by Aman Narain, has since made a significant impact on the Singapore market.
Speaking on the investment, Narain said, “The investment reflects the management’s support and the experience of investors like Amazon in building a strong foundation before embarking on our international offering here in Singapore. The preparatory work we have done with banking partners in the last six months has us excited about giving the Singaporean consumer a transparent, tailored, unique, and genuinely easy buying experience.”
Aside from investing in Singapore, BankBazaar is looking to expand into other Asian and select Middle Eastern markets.
BankBazaar.com offers customers the widest range of financial products from over 75+ banking partners which include some of the biggest public and private sector banks, NBFCs, and insurance providers across India. The company’s website records an average of 70,00,000 visitors per month. BankBazaar.com has raised USD 80M through funding from various investors such as Amazon.com, Fidelity Growth Partners, Mousse Partners, Sequoia Capital, and Walden International.
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