Online financial marketplace, BankBazaar that enables search across all top financial institutions of India has received a funding of $13 million from Sequoia Capital and existing investor Walden International, reports ET.
The Chennai based company will use the raised investment to educate consumers about its unique 7 minute loan approval process, to launch a new portfolio of insurance and savings products, to launch new banks on the platform as banking licenses are issued and to drive the growth of its mobile platform that allows consumers to obtain real time quotes on their smartphones.
“While bank loans are expected to grow 15 percent in FY 14, we are seeing a 90 percent YOY increase in online loan applications. Since our last round of funding we have doubled the number of banks offering financial products on our platform, added information on savings products and launched a mobile product for smartphones,” said Adhil Shetty, CEO with BankBazaar.com
Prior to the latest funding, BankBazaar had raised $6 Mn in its second round of funding from Walden International in January 2011. BankBazaar was started in 2008 by brothers Adhil and Arjun Shetty, along with Rati Rajkumar. Here are a few other such online ventures such as Apnapaisa and Apnaloans.in, policybazaar.