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Leading NBFC Muthoot FinCorp Makes Strategic Investment in BankBazaar
Bengaluru, April 23, 2025: BankBazaar.com, an Indian fintech specialising in co-branded credit cards and credit score services, has partnered with Muthoot FinCorp, one of India’s leading NBFCs, and the flagship Company of 138 year old Muthoot Pappachan Group to enter the secured loans market with a gold loan product. As part of this innovative NBFC-FinTech collaboration, Muthoot FinCorp—has also invested in BankBazaar’s ongoing Series D2 round as an equity investor to further strengthen the digital platform.
Adhil Shetty, CEO, BankBazaar.com, says: “This partnership unites two trusted brands—a 138-year-old business conglomerate and a 17-year-old fintech platform. Gold loans, being countercyclical to unsecured credit, will diversify our portfolio and strengthen our offerings. BankBazaar’s consumers will gain seamless digital access to Muthoot FinCorp’s high-quality, fully compliant gold loan products.”
“We are pleased to announce our partnership with BankBazaar, one of the country’s leading fintech firm, leveraging their extensive customer base and cutting-edge analytics capabilities to drive superior customer experience, ensuring more inclusive credit access, including those who’ve been impacted by temporary financial setbacks. This significant collaboration is poised to be a major milestone in our journey to deliver seamless credit solutions, empowering individuals to achieve their goals and aspirations,” said Shaji Varghese, CEO of Muthoot FinCorp.
BankBazaar is optimistic about India’s resilient consumer credit market, particularly the growth potential of gold loans. With gold’s deep cultural significance in India, these loans serve as a crucial financial tool for small business owners—helping integrate borrowers into the formal lending system, ensuring fair valuations, competitive rates, and protection from unregulated lending practices.
Pankaj Bansal, Chief Business Officer, BankBazaar.com, said: “Nearly 65% of gold loans are still offered by unregulated players, underscoring the urgent need for secure, high-valuation financing at fair rates. We are excited to partner with Muthoot FinCorp, a trusted leader in gold lending, to offer a seamless, digital-first gold loan experience that combines convenience with the assurance of capital protection and affordability.”
Under the partnership, BankBazaar will handle digital data management, digital marketing, product education, digital customer experience, credit score improvement via prudent financial literacy, and consumer education, while Muthoot FinCorp will manage KYC compliance, verification, valuation, storage, loan disbursal and all other guidelines ensuring same-day loan disbursal via a seamless phygital lending experience.
BankBazaar has seen significant growth, with a 62.5% increase in co-branded credit cards in FY24 and an expected 46% annual revenue growth from FY22 to FY25. The company anticipates achieving full-year EBITDA profitability in FY25. With Muthoot FinCorp investing in BankBazaar’s ongoing Series D2 round—alongside internal and new investors—bringing the total to ₹55 Cr, the company’s total equity funding has now reached $116 million.
