Fintech Giant BankBazaar Partners with Muthoot FinCorp for Gold Loan Expansion

BankBazaar.com, a fintech firm known for credit cards and credit score services, partners with gold financier Muthoot FinCorp to foray into the gold loan market. Muthoot FinCorp invests Rs 15 crore in BankBazaar's Series D2 funding round, aiding their digital expansion and portfolio diversification.

In a strategic move to diversify its financial offerings, fintech firm BankBazaar.com has partnered with Muthoot FinCorp, a well-known gold financier, to enter the secured loans market with a new gold loan product.

The partnership is part of a broader collaboration that includes Muthoot FinCorp's investment of Rs 15 crore in BankBazaar's ongoing Series D2 funding round, raising the fintech's total capital to Rs 55 crore and valuing the company at Rs 1,700 crore.

This initiative is seen as a significant milestone that aims to enhance digital access to high-quality gold loan products, leveraging BankBazaar's wide customer base and analytic capabilities for improved customer experience and inclusion in the credit market.

(With inputs from agencies.)