A promise to paperless banking – BankBazaar.

• ByStartupStory     |    November 12, 2021

We saw that the loan application process was long-winded and steeped in paperwork and red tape. “

• Rati Shetty, Co-Founder of BankBazaar 

Founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty, BankBazaar aims to put a full stop to the tedious banking process. Walking into a bank is nothing short of a nightmare for most Indians . 

The world’s first neutral online marketplace, BankBazaar is an ideal spot that will help you compare between banks and assist you in your banking needs. Loan insurances, fixed deposits, credit card needs, mutual funds, you name it and they’ve always got it covered and you never need to worry about putting your information plainly into the web, their platform is known to be highly secure, user-friendly, and extremely intuitive.  

BankBazaar has a very unique way of functioning. One can very easily look up their banking needs and can see an  effective comparison between various banks, to help the consumers achieve their needs.It has also partnered with India’s leading financial institutions & insurance firms, and works actively to provide great deals aptly.

A look into the making of a very successful virtual marketplace. 

Everything dates back to the golden year 2007, Rati Shetty, one of the co-founders of the venture got the idea of BankBazaar when she was in a bank. She was trying to avail of a home loan in India and quickly realized that getting into a bank, let alone getting a loan was an extremely tedious process. With the help of her beau and her brother, she turned her struggles into a million-dollar venture. 

The Brain behind the masterpiece

Adhil Shetty , CEO of BankBazaar. A graduate in International finance and business from the pristine university of New York, this man has his fair share of skills required for the market. 

Arjun Shetty, COO of BankBazaar, An engineer by degree and a post-graduate in operation Research from the Georgia Institute of technology , This former product manager of Amazon is a well-built asset for the venture. 

Rati Shetty, CPO of BankBazaar, with a bachelor’s degree in Business administration and years of experience working in Taipei ,she is the woman behind the magic. 

Paperless banking? Sounds too good to be true.

The while idea of BankBazaar revolves around the need for a paperless loaning process and a way to effectively  alter the customer credits. 

BankBazaar offers the choice to apply for various types of loans, everything from  Personal Loans, Car Loans, Home Loans, Credit Cards, Fixed Deposits, Health Insurance, Life Insurance, etc, you name it and it’s available at your fingertips. 

According to a report by Inc 42, in FY16-17 alone, the operational revenue of BankBazaar stood at INR 53.92 Crore, with total revenues of INR 71.16 Crore. It also saw a 100% growth from October 2016 to 2018 from 11.5 million visitors to a whopping 23 million visitors. 

How can I trust something over the virtual world? 

With a team of 1000+ members, the company is skyrocketing towards success.The company claimed that in the year 2018, 169 million unique visitors visited BankBazaar’s website to buy financial products.

You are not alone, more than 90 financial institutions are on board with BankBazaar. Sticking to their original purpose, They are on their path to be 100℅ paperless ringings close to 60% of their total products on the platform being offered in a paperless digital manner thus not requiring customers to submit any physical documents.

The funding and the investors. 

All the way back in the year 2017, this platform took the headlines for raising a whopping 30 million dollars from Experian, a credit reporting agency. To further increase the profit margins, the organisation also committed to invest close to 3 million dollars for the expansion of the venture to other countries like Singapore and Malaysia. The company gets its funding from investors such as Sequoia Capital, Amazon, Fidelity Growth Partners among so many other top names in the industry. 

Headquartered in Chennai, and with various offices all around the country, BankBazaar has financial organisations including a range of national and private banks, NBFCs and various insurance companies. They have always and still continue to offer a variety of options catering to the  needs of its users and offering a user friendly and personalized solution. The venture still grows and strives to achieve perfection in every way possible.

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