BankBazaar.com

Fintech firm BankBazaar.com expects its bottomline to turn positive this financial year helped by newer products including co-branded credit cards on UPI. Post breakeven, the company would start the preparation for listing and hopes to file the Draft Red Herring Prospectus for initial public offering (IPO) in the next financial year, BankBazaar.com founder and CEO Adhil Shetty told PTI. The company which started off as a loan comparison platform in 2008, is now majorly into co-branded credit card space, issuing such cards in association with banks. The company expects to soon launch co-branded credit cards on UPI, he said, adding that this is going to accelerate revenue as demand for credit is high. Besides, he said, targeted no-cost EMIs every month are going to add to topline and the company is set to push revenue to over Rs 250 crore in FY24 with profit. During the first quarter, the company posted a 51 per cent increase in revenue driven by its portfolio of co-branded credit c

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Fintech firm BankBazaar.com on Tuesday said it plans to go public in the next 12-18 months. The company had a net revenue of Rs 160 crore in FY23. The Initial Public Offering (IPO) plans are in progress with an aim to list in 12-18 months, co-branded credit card issuer BankBazaar.com said in a statement. Prior to the IPO, BankBazaar is planning to raise a round of capital and has appointed ICICI Securities to advice it on the same. The company grew its net revenue for FY23 by 60 per cent over FY22 on the back of a 60 per cent growth in its credit card issuances. The growth was driven by its completely paperless and contactless offering of digital-first, co-brand credit cards in partnership with leading banks that enable consumers to track and improve their credit score, earn rich digital rewards, and access hundreds of no-cost EMIs every month, BankBazaar.com said. Adhil Shetty, Co-Founder and CEO of BankBazaar.com, said riding on a 60 per cent growth momentum in FY23 while narro

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Public good enablers like digilocker, account aggregator system and video e-KYC will drive India's next digital revolution as the country sits on a mammoth volume of 50 billion digital transactions, according to BankBazaar.com founder CEO Adhil Shetty. Finance minister Nirmala Sitharaman recently spoke about the digital revolution in India and that the country has reached 50 billion digital transactions in 2022. This is three times of what it is in the US and UK, and this is built on the digital public good platforms such as UPI, RuPay and Aadhaar across the digital payment revolution, Shetty said in an interaction. "The point BankBazaar wants to make is there is another revolution happening and the world will recognise it in one or two years from now. And that's going to be the next digital revolution which will be driven by Gen 2 digital public good. The Gen 2 digital public good are digilocker, account aggregator, and video eKYC etc," Shetty said. Stating the numbers, he said th

BankBazaar.com, which eyes to become the most profitable co-branded credit card platform, expects to turn profitable this fiscal and plans to file for an IPO by the end of next year, founder and CEO Adhil Shetty said. The company which started off as a loan comparing platform in 2008 is now majorly into co-branded credit card space, issuing two such cards in association with Yes Bank and RBL Bank. In the second quarter of FY23, the company registered 85 per cent year-on-year growth in its top line, clocking a revenue of Rs 170 crore. Company's credit card sales were up by 115 per cent in Q2. "We are happy that we are growing profitably and we have delivered 85 per cent year-on-year top line growth in Q2FY23. We had annualised revenue of Rs 170 crore (up by 85 per cent from a year ago) in Q2 and in August and September, both the months, we were EBITDA positive. "So we are projecting that whatever we have delivered in Q2, that will continue and that's the kind of growth we would like

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The company is eyeing a 100 per cent growth in its revenues in the current fiscal

BankBazaar appointed former Visa employee Vipin Kalra to lead the business growth internationally

Online marketplace for financial services BankBazaar is riding on the back of India Stack, the country's cashless and paperless technology platform, to woo consumers to buy financial products such as mutual funds and fixed deposits directly on their mobile phones.BankBazaar is investing into e-KYC, e-Sign and will soon integrate its service with the upcoming Digi-Locker facility, allowing it to reduce the time it takes to process a new financial service from four to six days to just three minutes.The company is also simultaneously working on integrating with core banking and insurance systems, while educating banks to begin using the new paperless norms."Banks say for the past 30 years a contract had to be physically signed, but we are now telling them a contract will be e-signed. They have never done it before," said Adhil Shetty, CEO at BankBazaar. "So the challenge we face is building technology bank by bank and product by product, and then telling them that there are 18 million ...

Currently, the service is available for personal loans and car loans

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