[Funding alert] DMI Finance raises $47M equity investment from Sumitomo Mitsui Trust Bank, others
DMI Finance Private Limited (DMI Finance) on Tuesday announced the closure of a $47 million equity investment round, which included new investor Sumitomo Mitsui Trust Bank Limited. (SuMi TRUST Bank).
This equity raised by DMI Finance takes its total equity base to $ 500 million. SuMi TRUST Bank joins existing investors in DMI Finance including New Investment Solutions and NXC Corporation.
Founded in 2008, DMI Finance is the Non-Banking Financial Company (“NBFC”) of the DMI Group and has been a lender in India since 2009.
It has a full-stack digital lending and loan life cycle management platform and is the lending partner of choice for over 25 businesses including category-defining partnerships with Samsung and Reliance Retail. Its products include personal loans, lines of credit, BNPL, OEM financing, and MSME loans.
With a a pan-India customer base of over 6 million, DMI Finance is expected to grow at least 10 percent month on month through 2022.
The spokesperson for DMI Finance said, “We are in the early stages of what is already an incredible period of building India’s digital financial ecosystem. As we look to drive financial inclusion at scale, we welcome SuMi TRUST Bank’s vote of confidence in our vision and execution.”
“We are excited to start the partnership with DMI and build the future of Finance. Digital financing in India is entering a high growth phase and will be instrumental in achieving financial inclusion. DMI is rightly placed to capitalize on the opportunity as it has successfully combined fintech and last-mile reach capabilities to service the aspiring consumer base in India,” added spokesperson for SuMi TRUST Bank.
Established in 1925, SuMi Trust Bank is Japan's largest trust bank with JPY 224 trillion (~USD 1.95 trillion) of custody assets and JPY 87 trillion (~USD 760 billion) of assets under management.