Virtual financial marketplace, BankBazaar, raised a $60 million Series C led by Amazon, with participation from Fidelity Growth Partners, Mousse Partners, and returning investors Sequoia Capital and Walden International reports Tech Crunch. With this investment, Amazon enters the online personal finance market.
Located in Chennai in the southern state of Tamil Nadu, BankBazaar is the world’s first non-banking online financial lending services company that helps bankers meet prospective borrowers. It partners with 23 financial institutions and it aggregates information about online loans, credit cards, and fixed deposits, and gives instant customized rate quotes on loans and insurance products which users can research and then apply for. The company says it attracts four million visitors each month to its Website, and that online applications for personal, home, and auto loans are growing by 90 percent, compared to just 15 percent growth offline.
Amazon India vice president and country manager Amit Agarwal said, “BankBazaar is a unique and compelling service that aligns with Amazon’s mission in India—to transform the way India buys and how India sells.”