BankBazaar plans to double its turnover

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

Online Financial Market BankBazaar plans to double its revenue share of its international activities to 20%, in a bid to become the world's leading Fintech.

The Chennai-based company in Malaysia and Singapore will soon open its third office in Australia and this year marks its 10th anniversary. He will then start to open offices in other countries, most of them in the Asian region, in a phased manner. Bankbazaar has booked Rs 30 crore as part of its global expansion.

Adhil Shetty, co-founder and CEO, told the media on Wednesday that the company's goal for the next ten years would be to become the world's first company for which it embarked on the Expansion of its international operations.

According to him, currently 10% of the business comes from international operations. The company expects the business in these markets to grow 600% to a level lower than the 100% growth expected in India this year. In Australia and Malaysia, it has partnered with ten banks specialized in credit cards and personal loans.

Stressing that the greater competition of his company was not that of another fintech company, but of the financial tradition. transactions. "Our big challenge is to show customers how security and privacy would do the same thing on a mobile app from 100 different financial institutions," he said.

Shetty said the company did not have capital fund. "In the normal course of business, the company has always been in touch with investors.More than money, we look at the fact that the investor can also accelerate our mission towards paperless financial transactions. We had previously integrated investors such as Amazon and Experian on the same philosophy. "

BankBazaar had recorded a 91% growth in its operating income for fiscal year 18, rising from Rs 54 crore at FY17.According to the company, revenue growth was fueled largely by an increase in organic visits, which accounted for nearly 70% of total traffic.In fiscal year 18, the Web site traffic more than doubled and 42% of them were returning visitors.More than 57 million people looked for credit cards, while 63.5 million looked for loans on BankBazaar.