BankBazaar, a company that provides unbiased rate quotes on loans and insurance products, today announced that it received funding of $13 million. Investors include Sequoia Capital and existing investor, Walden International.
This newest installment, combined with the $6 million the company received from Walden in 2011, brings the India-based company’s total funding to $19 million. It plans to use the funds to enhance its mobile platform and educate consumers on the benefits of its service.
According to Adhil Shetty, BankBazaar CEO, there is increasing demand for products in the online loan market:
“Even in the slowing market, online loan market is growing at 90%, while the overall loan market is growing at 15%.”
BankBazaar demoed at FinovateAsia 2012 where it debuted its Real Time Credit Processing Platform.