European investors back India's MyMoneyMantra

It is the company’s first private equity funding since being founded in 1989. The capital will be used to develop technology, including data analytics and marketing capabilities that combine a physical and digital presence.

This effort will include the migration of data to Amazon’s cloud computing service and development of the digital marketing team. The company is also pursuing further partnerships with non-banking financial companies (NBFC) and insurance companies.

“We have been very impressed with the quality of the MMM team, their longstanding relationships with NBFCs, banks and insurers and their robust processes and platform,” Adam Teeger, a senior advisor at Vaalon, said in a statement. “We are particularly excited by the MMM team’s initiatives focused on leveraging data analytics, technology and digital marketing.”

MMM positions itself as one of India’s largest marketing companies distributing retail credit products, with some four million customers and products such as credit cards and personal loans worth about $1 billion to date. Partners include ICICI, HDFC Bank, Axis Bank, Citibank, Bank of Baroda, PNB HFC, Standard Chartered, Indiabulls, Tata Capital, Aditya Birla HFC, Deutsche Bank, and HDFC.

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• Topics
• South Asia
• Expansion
• Financials
• India
• Financial Services
• NBFCs