India’s online financial marketplace BankBazaar expands into Singapore
By Sainul Abudheen K for e27.com
It is also looking at other growth markets in Asia, including Malaysia, the Philippines and the UAE
BankBazaar.com, a financial marketplace for customised rate quotes on loans, credit cards or any other personal finance products, has initiated its international business expansion within Asia with special focus on Singapore.
In addition, with an aim to strengthen international presence, BankBazaar.com will subsequently focus on other growth markets in Asia, including Malaysia, the Philippines and the UAE.
“It is time we slowly begin to spread our wings and launch our brand in international markets. Singapore became our first choice as the government and regulators are very supportive. We are trying to build a strong international team,” said Adhil Shetty, Co-founder and CEO of BankBazaar.
The company has also announced the appointment of Aman Narain as CEO for International Markets. In this role, he will help globalise the company’s intellectual property.
A digital banking veteran, Narain was previously Global Head of Digital Banking at Standard Chartered Bank, where he was responsible for all direct to consumer channels, including online, mobile and ATMs, as well as all internal digital channels and social media.
Established in 2008, BankBazaar is a neutral online marketplace that gives you instant customised rate quotes on loans, credit cards or any other personal finance products. The platform also gives the consumer the latest news/trends and insights into managing the finances better. Consumers can track their application and troubleshoot issues in the process through a host of channels like the BankBazaar app (Android and iOS), WhatsApp, email, voice-support, etc.
BankBazaar.com hosts a wide range of financial products from over 50 public and private sector banks, NBFCs, and insurance companies in India, and claims it receives an average of 5 million visitors per month.
In July last year, BankBazaar had raised US$60 million in its Series C round of funding led by Amazon, with participation from Fidelity Growth Partners and Mousse Partners. Existing investors Sequoia Capital and Walden International had also participated in the round.
