Insight Online news
Kochi, Jan 11 : DMI Finance Private Limited on Tuesday announced the closure of USD 47 million equity investment round, which included new investor Sumitomo Mitsui Trust Bank Limited.
DMI Finance is the Non-Banking Financial Company (NBFC) of the DMI Group and has been a lender in India since 2009, a release said here.
It is a pioneer and leader in embedded digital finance in India and is the lending partner of choice for over 25 businesses including category-defining partnerships with Samsung and Reliance Retail.
Its products include personal loans, lines of credit, BNPL, OEM financing, and MSME loans.
DMI Finance has a full-stack digital lending and loan life cycle management platform and has a pan-India customer base of over 6 million which is expected to grow at least 10 per cent month on month through 2022.
This equity raised by DMI Finance takes its total equity base to USD 500 million. It is AA- rated by ICRA and supported by all the leading banks in India.
SuMi TRUST Bank joins existing investors in DMI Finance including New Investment Solutions and NXC Corporation.
The spokesperson for DMI Finance said “We are in the early stages of what is already an incredible period of building India’s digital financial ecosystem. As we look to drive financial inclusion at scale, we welcome SuMi TRUST Bank’s vote of confidence in our vision and execution.”
The spokesperson for SuMi TRUST Bank said: “We are excited to start the partnership with DMI and build the future of Finance. Digital financing in India is entering a high growth phase and will be instrumental in achieving financial inclusion.”
“DMI is rightly placed to capitalize on the opportunity as it has successfully combined fintech and last-mile reach capabilities to service the aspiring consumer base in India.”