Peak XV-backed BankBazaar is open to exploring strategic tie-ups in insurance as the fintech platform seeks to expand its personal finance product offering beyond credit scores, credit cards, and personal loans.
“I think we would be open to strategic partnerships there (in insurance),” Adhil Shetty, CEO, BankBazaar, told FE. “Currently, our focus has been all on the credit side, but there are allied products around insurance and mutual funds, and potentially they’re looking to sell to the same base of consumers.”
The Chennai-based fintech has over 75 million users on its platform, offering credit scores, credit cards, personal loans, and fixed deposit rate comparisons, in partnership with 50 financial institutions, including banks and NBFCs.
Shetty said the company can leverage credit score history to compute income, age and other consumer insights to suggest allied products such as insurance and mutual funds. “We can definitely look at them,” he said, without specifying any timeline.
BankBazaar is also looking to increase the share of consumers subscribing to its paid credit score product, CreditStrong, which crossed 100,000 subscribers in August, growing 17-fold within a year of its launch.
The CreditStrong product offers simulation features such as the impact of prepayment on credit scores, customised AI videos and EMI reminders to maintain and improve credit scores, for a monthly fee of ₹99.
“There are 200 million consumers, who check their credit score every year in India. 10% of that or 20 million people is the addressable market,” Shetty said.
Shetty said personal loans and gold loans are also seeing some good initial traction. In April 2025, BankBazaar entered the secured lending space with a digital-first gold loan product in strategic partnership with Muthoot FinCorp.
Under the partnership, BankBazaar handles digital data management, marketing, product education, customer experience and credit score improvement through financial literacy, while Muthoot FinCorp manages KYC, verification, valuation, storage, disbursal and compliance. The partnership aims to enable same-day loan disbursal through a phygital model.
According to Shetty, gold loans will continue to be one of the fastest-growing segments, supported by 50% historical growth in assets and the availability of 25,000 tonnes of gold in Indian households.
Shetty believes that, like unsecured credit, gold loans also require consumer education to ensure that borrowers manage the product prudently. “The lender actually doesn’t make money if you default,” Shetty said, adding that the cost of onboarding a consumer is higher than the interest that is available on a six- or nine-month gold loan.
“So, you need a consumer who is able to pay back the loan. That means consumers need to be educated and they need to know what a credit score is,” Shetty added.