BankBazaar eyes to double revenue from global biz

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Chennai | Published: July 19, 2018 1:33:40 AM

Online financial marketplace BankBazaar is planning to double its share of revenue from its international business to 20%, in a bid to become number one Fintech player globally.

The Chennai-based company with operations in Malaysia and Singapore will be opening its third office in Australia soon.

Online financial marketplace BankBazaar is planning to double its share of revenue from its international business to 20%, in a bid to become number one Fintech player globally.

The Chennai-based company with operations in Malaysia and Singapore will be opening its third office in Australia soon, and it is celebrating its 10th anniversary this year. It will then start opening offices in other countries, most of them in Asian region, in a phased manner. Bankbazaar has earmarked Rs 30 crore as part of its global expansion.

Adhil Shetty, co-founder & CEO, told media persons here on Wednesday that the company’s goal for the next ten years would be to become number one fintech company in the world for which it has embarked on expanding its international operations.

According to him, currently 10% of the business comes from the international operations. The company expects that the business in these markets will grow at 600% at a lower base compared to 100% growth expected in India this year. In Australia and Malaysia, it had tied up with ten banks focussing on credit cards and personal loan business.

Pointing out that the biggest competition his company has been facing was not from another fintech company, but from the traditional way of doing financial transactions. “ Our big challenge is to show to the customers how secure and private would be doing the same on a mobile app that too from 100 different financial institutions,” he said.

Shetty said that the company does not have immediate plans to raise capital funds. “On the normal course of business, the company has always been in touch with investors. More than money, we look at the fact that whether the investor can also accelerate our mission towards paperless financial transaction. We had earlier on-boarded investors such as Amazon and Experian on the same philosophy,” he said.

BankBazaar had clocked 91% growth in its operating revenues for FY18, growing to Rs 103 crore from Rs 54 crore in FY17. According to the company, the revenue growth was fuelled largely by an increase in organic visits, which accounted for almost 70% of the total traffic. In FY18, the website traffic more than doubled and as many as 42% of these were returning visitors. Over 57 million people searched for credit cards while 63.5 million searched for loans on BankBazaar.

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