Paisabazaar.com Ties-up With IDFC Bank for Retail Financial Offerings

GURUGRAM, India, December 15, 2016 /PRNewswire/ --

India's leading online financial marketplace Paisabazaar.com and IDFC Bank today announced a strategic partnership to offer the bank's retail and lending products to customers.

As part of the tie-up, customers will be able to access, choose and buy savings products, fixed deposits, personal and home loans offered by IDFC Bank through the Paisabazaar.com platform. The partnership also enables customers to open fixed deposits in IDFC Bank online through an Aadhaar-based digital Know Your Customer process.

The partnership with IDFC Bank follows Paisabazaar.com strengthening its market position significantly by becoming the largest player in the country in terms of disbursals through tie-ups with India's top banks and financial institutions and expansion of its product portfolio. In 2016, Paisabazaar.com has added auto loans, savings accounts, mutual funds and fixed deposits on its platform.

Speaking on the tie-up, Naveen Kukreja, Co-founder & CEO, Paisabazaar.com, said, "We are excited to enter into strong strategic alliances with India's leading banks and financial institutions. Together, we aim to provide customized solutions for lending and investment needs of customers through easy, transparent, completely paperless and presence-less processes. We are very excited to enter into a partnership with IDFC Bank."

Biju Pillai, Head - Assets, IDFC Bank said, "Our partnership with Paisabazaar.com would enable near real-time decision making, thus enhancing the value proposition for new-age consumers who prefer applying for financial products and services online."

About Paisabazaar.com 

Paisabazaar.com is India's largest online financial marketplace for investment and lending products. It currently offers all kinds of retail lending products such as personal loan, home loan, loan against property, auto loan, gold loan, education loan and credit cards. It also offers investment products, including mutual funds, savings account and fixed deposits on its platform.

Since its inception in early 2014, the company has marked a staggering growth and now has over 10 million visitors coming to its website each year. Paisabazaar.com currently partners with more than 75 partners across lending and investment categories with 200+ products on offer. On an annualized basis, it receives over 4 million enquiries and Rs. 3000 crore is disbursed through Paisabazaar's marketplace platform. The company is targeting a 3X growth and aims to cross Rs. 5000 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 was conferred with Economic Times 'Best BFSI Brand Award' earlier this year. Apart from this, Paisabazaar.com has been recognized as an 'Emerging Brand' at the prestigious CMO Asia Awards, as well as by Indian Brand Convention.

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.

About IDFC Bank 

IDFC Bank is a subsidiary of IDFC Ltd. Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC's legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country's infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders. For more information log on to http://www.idfcbank.com or IDFC Bank on Twitter, IDFC Bank on Facebook, and IDFC Bank on LinkedIn

Media Contact:
Sandeepa Santiago
[email protected]
+91-9599423244
Manager - Corporate Communications
Paisabazaar