India’s leading free credit score provider BankBazaar Revenue Bounces Back to Pre-COVID-19 Levels
The demand for digital alternatives is on the increase , and therefore the business saw over 100% sequential revenue growth between Q1 FY21 and Q2 FY21. the corporate attributes this growth to being the primary mover in implementing contactless technologies supporting Digital KYC.
BankBazaar.com, India’s leading free credit score provider and online financial product marketplace, announced that month-on-month revenues are becoming back on target , and are trending at 70% of the height pre-COVID monthly revenue. the corporate is now looking to shut this fiscal year with operational month-on-month profitability. Even before the pandemic, BankBazaar revenues had been on an upward streak, brought on by a 54% monthly revenue growth and a 15% cost reduction between October 2019 and February 2020. the corporate was watching operational month-on-month profitability in March 2020 when COVID-19 hit.
The COVID-19 pandemic and therefore the ensuing lockdown resulted in massive business continuity issues within the financial sector. during this situation, Digital KYC has contributed significantly to making sure credit products' availability, especially credit cards and private loans, during the lockdown. consistent with BankBazaar, even post lockdown, the demand for digital alternatives is on the increase , and therefore the business saw over 100% sequential revenue growth between Q1 FY21 and Q2 FY21. the corporate attributes this growth to being the primary mover in implementing contactless technologies supporting Digital KYC.
Our growth has been entirely fueled by our technology as we looked to chop costs without impacting our reach. On one hand, we employed AI and ML predictive matching in order that we could connect customers with the proper financial product. On the opposite hand, we had the first-mover advantage when it came to facilitating Digital KYC solutions.
Our technology provided our customers a secure, safe, consent-based, and contactless access to credit, gave our partners significant time and price advantages, and ensured that we've been indispensable to our ecosystem at a time when the necessity for contactless access to credit is paramount.” the corporate foresees technology to be a huge disruptor driving growth during and post this COVID crisis, as both lenders and customers will demand the convenience, speed, and safety offered by technology-based contactless solutions. Says Shetty, “Despite the adverse impacts of the pandemic, we checked out it as a chance to push the envelope on how technology can provide solutions to pressing and unexpected problems during a timely manner. We challenged ourselves to return up with the proper solutions just when it had been needed, and this has paid out for us.
We are bouncing back fast and searching to hit EBITDA month-on-month positivity during this fiscal year itself before March 2021.” BankBazaar.com is India’s first neutral online marketplace that provides instant customized offers on loans and credit cards. It also provides customers free credit line score on its portal. Over 50+ of India’s leading financial institutions have chosen to integrate themselves with the platform.
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