BankBazaar.com goes international

 BankBazaar.com, the India-based seven-year-old online marketplace which sells third-party financial products, on Monday initiated its international business expansion plan by starting a 100 per cent subsidiary in Singapore.

In an interaction with Deccan Herald, BankBazaar CEO Adhil Shetty said the initiative to appoint Aman Narain as CEO of BankBazaar.com International is part of the company’s gameplan to expand in Asia with special focus on Singapore.

“We want to give thrust to our international business gameplan with a separate CEO. So the appointment of Aman Narain as CEO for international markets will help globalise the company’s made in India intellectual property,” he said.

Shetty said BankBazaar will find Aman’s 15-year experience with Standard Chartered Bank as Global Head of Digital Banking to focus subsequently on other growth markets including Malaysia, Philippines and the UAE. “This is an exciting time for us at BankBazaar.com. We are growing rapidly with 50 financial institutions and 50 lakh users. We are consolidating our position in India by roping in more public and private sector banks, NBFCs, and insurance companies,” he said.

BankBazaar CEO said the company is integrating digital banking and social media to expand its market reach. “We are active on Facebook and Twitter. Recently, BankBazaar has started using Instagram to reach out our customers. We also provide solid information on the Mutual Funds and other financial products,” he said.

BankBazaar.com, owned by Chennai-based A&A Dukaan Financial Services, is exploring new opportunities in the financial technology and the government’s growing interest in the financial inclusion gameplan.

Besides raising $6 million from Walden in March 2011, BankBazaar raised $13 million in Series B funding in January 2014 led by Sequoia Capital with participation from Walden. The company again raised $60 million in its Series C round of funding led by Amazon India with participation from Fidelity Growth Partners and Mousse Partners.

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