BankBazaar claims to register 40M users, aims to be EBITDA profitable by March 2020
The online financial services marketplace also registered a 46 percent increase in its monthly revenue and a 17 percent reduction in costs.
Online financial services marketplace BankBazaar recently said that it has witnessed a 100 percent increase in organic traffic, which drove the total registered customer base to more than 40 million users.
It also said that it expects to reach EBITDA-profitability basis in March 2020. The company also registered a 46 percent increase in monthly revenue and a 17 percent reduction in costs.
In a statement, the Chennai-based startup said it achieved these growth metrics due to the popularity of its free credit score product and its decade-old collaborative partnerships with leading banks and NBFCs for credit products including credit cards, personal loans, auto loans, and home loans.
Adhil Shetty, Co-founder and CEO , BankBazaar
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Speaking on the growth, Adhil Shetty, Co-Founder and CEO, BankBazaar, said,
"As a company, BankBazaar has been focussed on building great paperless consumer experiences and business profitability. This vision held us in good stead when we started the year in a difficult market situation. We knew that a fully digital experience delivered via free credit score and instant paperless checkout was a winning formula for this downturn market. We leveraged our technology to optimise the experience for our customers and partners, making us an indispensable part of the product purchase process.
According to the online financial services platform, its paperless technology also helps in driving organic growth.
Founded in 2008, BankBazaar is an online marketplace which gives customers instant customised offers on loans and credit cards. It also provides free consumer credit score on its portal and has partnered with over 50 financial institutions in the country.
Commenting on its technology, Adhil said, “Paperless technology is a game-changer for India and a key to the democratisation of finance, as it drastically cuts costs of operations and increases the speed of delivery of the smallest financial product to the remotest part of India.”
So far, BankBazaar has raised $110 million in funding from investors such as Amazon, Experian, Sequoia, Fidelity Eight Roads, and Walden.
(Edited by Suman Singh)