Monday, May 20, 2024

Press Release: BankBazaar Marks Third Year of Growth; Hits Rs. 215 Crore Revenue | BankBazaar


BankBazaar.com, India’s leading fintech co-branded Credit Card platform and online platform for free Credit Score, marks its third consecutive year of fast and sustainable growth, with an unaudited operating revenue of Rs.215 Crore in FY24.

This growth trajectory is driven by the company’s new and existing strategic partnerships for co-branded Credit Cards with leading commercial banks.

Strong bank partnerships have significantly bolstered BankBazaar’s position in the market. BankBazaar has maintained its growth momentum while keeping its losses nearly flat. Adhil Shetty, Co-founder and CEO of BankBazaar, commented on the company’s growth, stating: “BankBazaar’s strong foundation has enabled us to continue our growth trajectory, achieving 36% growth in FY24 on the back of 54% and 63% year-on-year growth in FY22 and FY23 respectively. There are now 100 million active Credit Cards in India, and FY25 is poised for significant innovations and rapid growth in this space. Our focus on forging meaningful partnerships with solutions that are fully compliant with co-brand Credit Card regulations has positioned us well to leverage this growth phase in the industry.” 

The company has experienced remarkable growth in its co-branded Credit Card segment, with an increase of 62.5% in co-brand Credit Cards in force compared to the previous year. Such figures underscore the company’s successful digital expansion strategy and its impact on overall performance.

Our journey has been significantly strengthened by our existing partnerships, which have helped us consolidate our position in the market. The addition of new partnerships including one with a foreign bank, in a first for Indian FinTechs this year amplified our reach and enriched our offerings. The collaboration between FinTechs and banks is pivotal in shaping the future of financial services. We’re excited about the potential these partnerships hold in driving forward BankBazaar’s vision of financial inclusivity and empowerment,” concludes Pankaj Bansal, Chief Business Officer, BankBazaar.

In a move to fuel its growth requirements, the company has secured over Rs.50 crore in two independent debt financing rounds led by Tata Capital and Nuvama Asset Management. BankBazaar is also in the process of raising another round in equity in the ongoing Series D2 round. The company has raised around USD 116 million in equity so far. Looking ahead, BankBazaar is preparing for an Initial Public Offering (IPO). This step marks a significant milestone in the company’s journey towards sustainable growth and market leadership.

BankBazaar.com is India’s leading fintech co-branded Credit Card platform and online platform for free Credit Score and has a customer base of over 60Mn+ users. Supported by global investors such as Experian, Eight Roads, Peak XV (formerly Sequoia), WSV, & Amazon, BankBazaar has been at the forefront of democratising finance in India by providing users with frictionless access to credit.

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All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

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