India’s largest online lending marketplace Paisabazaar.com announced today it has helped customers open over 2 lakh savings accounts through its platform in 2017-18.
Paisabazaar.com launched savings accounts on its platform in mid-2016. Currently, it partners with IDFC Bank, IndusInd Bank, Kotak Mahindra Bank, DBS, Axis Bank, Deutsche Bank, Citi Bank and YES Bank.
Paisabazaar.com helps customers choose and open savings account according to their needs, in less than 5 minutes through a completely digitized process, without the need to visit a bank branch.
The organization says it plans to open 7 lakh savings accounts in the next financial year.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “While Paisabazaar.com was launched as a marketplace for lending products, in the last two years we have diversified our product suite to meet all personal finance needs of a retail consumer. Our savings account business has witnessed a 300% growth since launched. The range of savings accounts on our platform helps us cater to various customer segments coming to our platform and meet their diverse needs.”
Vijay Ramchandran, CMO, IDFC Bank, said, “IDFC Bank is committed to innovation and technology to make our products and services simpler and more accessible. Our partnership with Paisabazaar.com is yet another step towards delivering world class banking solutions to our customers.”
Ritesh Saxena, Head Savings, Digital and Payments at IndusInd Bank, “We, at IndusInd Bank, believe at our core that we want to deliver seamless convenience to our customers through process and product digitization. We are excited about the partnership journey with Paisabazaar.com in delivering world class banking solutions to customers.”
Paisabazaar.com is India’s largest online financial marketplace for loans and Credit Cards. It offers all a complete spectrum of lending and investment products for retail customers. Paisabazaar.com currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth.
It is the only marketplace in India to disburse loans worth Rs. 360 crore in a monthto more than 450 cities and towns. The company is targeting a 3X growth and aims to cross Rs. 6000 crore annualized disbursal run rate by the end of this financial year. It plans to touch annualized disbursal of Rs. 25000 crore by 2020.
The portal has been conferred with Economic Times “Best Fintech Brand” (2018) Economic Times “Best BFSI Brand” (2016),Money Tech “Startup of the Year” (2017) and Money Tech “Best Customer Experience Innovation” (2017) awards.
Paisabazaar is part of Policybazaar group, India’s largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest,Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company.