BankBazaar.com, a FinTech co-branded credit card issuer and online free credit assessment platform, will target an IPO in 2023, the Times of India reported on Thursday (April 7).
The company plans to hire over 1,500 new employees for its technology and product enhancements, which will help support continued revenue growth this year.
The company’s goal is to have one million co-branded credit cards in circulation within two years.
According to reports, BankBazaar increased its credit card issuance by 82% in fiscal 2022 compared to the previous year.
“We intend our IPO to demonstrate our strong understanding of the fundamentals of India’s BFSI (Banking, Financial Services and Insurance) sector and our bespoke solutions,” said Adhil Shetty, CEO of BankBazaar.com.
The report finds that over 70% of customers using BankBazaar have a credit score of 700 or more. The company aims to serve this base by deploying numerous customized products such as credit cards and personal loans from numerous banks and non-bank financial corporations (NBFCs).
Additionally, BankBazaar.com wants to get more into the buy now, pay later (BNPL) space, which has been popular during the pandemic for its ability to let people buy expensive things with installment payments.
PYMNTS wrote that in other BNPL news, US Bank is expanding its BNPL program ExtendPay, which it launched a year ago.
Continue reading: The US bank expands ExtendPay, its BNPL card payment program
The bank said the program allows for the usual splitting of an item’s cost into installments. US bank cardholders using the system can keep the rewards for using their cards. Payments can be spread over three to 24 months.
Some BNPL schemes depend on buyers requesting advanced payment options upon purchase, US Bank makes it so that cardholders can use them independently of merchant programs.
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