DMI Finance raised $400 million in funds led by Mitsubishi UFJ Financial Group, through its subsidiary MUFG Bank where existing investor Sumitomo Mitsui Trust Bank (SuMi TRUST Bank) also participated .
DMI Finance is a pure-play digital lender that offers consumer, personal, and small business loans. DMI Finance acquires and serves customers via digital channels. It is a digital finance embedded partner for companies such as Samsung, Google Pay, and Airtel.
The NBFC claims to cover 95% of India’s pin codes and has a customer base of 25 million, with a customer base of 40 million or more expected in FY24.
“DMI Finance aims to be the trusted partner for Indian households and small businesses in addressing their rapidly growing financial needs,” said Shivashish Chatterjee, cofounder and joint managing director of DMI Finance. We are delighted to welcome MUFG and SuMi TRUST Bank to our pioneering mission of providing credit in real time to our clients, which we began in 2016.”
Yuvraja C. Singh, cofounder and joint managing director of DMI Finance, added to the discussion, “We believe that the Indian financial market has enormous potential for growth over the next decade (or two), and we are fortunate to have the strategic investors that we do, who share our values and long-term vision.” When it comes to financial services in India, there is a large underserved population, and it is our goal to promote financial inclusion and support this market.”
