BankBazaar.com, a FinTech co-branded credit card issuer and free credit score online platform, will go for an IPO in 2023, a Times of India report announced on Thursday (April 7).
The company plans to hire more than 1,500 new employees for its technology and product expansions, which will help it support greater revenue growth this year.
The company’s goal is to have one million co-branded credit cards in circulation within two years.
BankBazaar would have been able to increase credit card issuance by 82% in fiscal 2022 compared to the previous year.
“We want our IPO to demonstrate our strong understanding of Indian BFSI (banking, financial services and insurance) industry fundamentals and our tailored solutions,” said Adhil Shetty, CEO of BankBazaar.com.
The report notes that more than 70% of customers using BankBazaar have a credit score of 700 or higher. The company wants to cater to this base, using many bespoke products such as credit cards and personal loans from many banks and non-bank financial companies (NBFCs).
Additionally, BankBazaar.com wants to get more involved in buy-it-now-pay-later (BNPL), 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 ExtendPay program, which it rolled out a year ago.
Read more: US bank expands ExtendPay, its BNPL card payment program
The bank said the program allows for the usual splitting of an item’s cost in installments. US bank cardholders using the system can keep rewards for using their cards. Payments can be spread over 3 to 24 months.
Some BNPL systems depend on shoppers requesting to use extended payment options at checkout, US Bank makes cardholders able to use it independent of any retailer program.