BankBazaar targets 100 m customer base

BankBazaar CEO Adhil Shetty has said that the company will reach 100 million customer base by 2020, with its strategy to become the world’s number one financial product marketplace.

“Our unique selling proposition is helping our customers enter an era of paperless transaction for their financial requirement. We have right now 14 million users and this success is achieved by our single-minded focus on consumer trust. If we further take forward this trust with the existing customers it is quite easy to reach out to 100 million,” he said in an interaction with DH.

BankBazaar, a nine-year-old online financial marketplace, started off its journey with personal loans, now focuses on three product categories using its app, mobile and website. “We have made banking, insurance and savings as our main three product categories. Now, we have also started giving additional two personalised products,” he said.

The personalised services include the Credit Score Tracker and the Personal Finance Tracker. “The Credit Score Tracker will help customers track their credit score in two minutes and analyse where they are doing badly/well. The personal finance tracker helps in integrating all bank accounts and also in tracking credit card dues easily on the app,” he said.

Shetty said the company has raised Rs 500 crore in three rounds of funding since inception from Amazon, Sequoia, Fidelity and Walden. “We are quite satisfied with the money raised and are looking at avenues to expand our customer experience in a paperless environment. The Government of India’s ‘Digital India’ initiative led by Aadhaar and India Stack will help us expand exponentially,” he said.

He also said the company will achieve month-on-month EBIDTA profitability from December 2017. “We believe that the unit economics matrix should be the ideal goal for any startup. We have made our revenue stream clear and it is tied up with 75 financial institutions as part of the partner ecosystem,” he said. “We are planning to go ahead with our IPO plan, and it will happen in India only,” he added.