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Update: January 17, 2022 6:46 p.m. STI
Bombay (Maharashtra) [India], January 17 (ANI/NewsSee): BankBazaar.com, India’s largest fintech co-branded credit card issuer and free credit score online platform saw 80% year-on-year growth in credit card issuance between December 2020 and December 2021.
Growth has been driven by new credit card issuance through fully digital processes and a co-branded business model that currently accounts for 50% of the company’s credit card issuance. This is part of the broader trend of increased adoption of credit cards and digital payments in India, accelerated by the pandemic. Meanwhile, on the revenue front, BankBazaar tightly controlled EBITDA consumption at 6% of revenue, even though December 2021 revenue was up 68% from June 2021.
This growth was supported by crucial business changes. The company has expanded its portfolio to include co-branded credit cards. The first of these partnerships is with YES Bank for the YES Bank-BankBazaar FinBooster co-branded credit card. Co-branded cards address the single most important concern voiced by credit card customers during the pandemic – managing credit prudently to keep credit scores at their peak. They also act as a health and credit management advisor and offer accelerated rewards points on digital spending. The company is looking to increase up to 1 million BankBazaar co-branded credit cards in force.
Adhil Shetty, co-founder and CEO of BankBazaar.com, said, “For many, credit cards are the first preference because they help users manage multiple aspects of their financial life, from payments to credit to incentives. It is no wonder that the number of outstanding credit cards in India has grown to 67.6 million. As a pioneer in enabling contactless digital KYC solutions, especially during the pandemic, BankBazaar has been indispensable to both its 50 million registered customers as well as its banking and NBFC partners. so does our ability to connect more customers and partners to enable safe, secure and simplified access to credit.”
The company is targeting a 100% CAGR with EBITDA positivity for FY23 from its co-branded products. The company is focused on profitability, which will pave the way for BankBazaar to go public in the near future.
“It’s a great time for the fintech space in India, with companies vying with each other to develop newer and better innovations that harness technology to solve complex problems and make financing simpler and easier. Bank Bazaar has made significant progress in its model business and is now close to profitability while growing rapidly in an exciting market,” said Shailesh Lakhani, MD, Sequoia India.
Andrew Kau, Managing Director of Walden International, concludes: “We are delighted with the progress made by BankBazaar with its innovative fintech products, on the B2B2C side and now on the B2C side as well. BankBazaar’s management team has proven its courage, determination and imagination during the incredibly difficult two years of COVID-19. We look forward to a stellar 2022.
BankBazaar.com is India’s largest fintech co-branded credit card issuer and online platform for free credit scoring, and has a captive base of 50 million registered users.
Backed by global investors such as Experian, Eight Roads, Sequoia Capital India, WSV and Amazon, BankBazaar has been at the forefront of democratizing finance in India by providing end users with frictionless access to credit.
This story is provided by NewsSee. ANI shall in no way be responsible for the content of this article. (ANI/NewsSee)
