MUFG Bank Invests US$232 Million in Indian Fintech DMI Finance
by Fintech News Singapore April 4, 2023MUFG Bank announced that it is set to invest INR 19.1 billion (approximately US$232 million) in Indian fintech company DMI Finance which focuses on consumer digital lending.
DMI Finance is a Non-Bank Financial Company (NBFC) that provides fully digitalised personal loans and point-of-sale (POS) loans where the entire application and origination process is completed online within partners’ ecosystems.
The fintech has provided credit to 11 million customers as of December 2022 where it has been providing services to underbanked/unbanked individuals receiving credit for the first time.
MUFG Bank has been working to support the growth of Indian startups through the US$300 million MUFG Ganesha Fund, which was launched in March 2022 to invest in middle- to late-stage startups.
“MUFG considers Asia as its second home market and has been building a commercial banking platform in Southeast Asia. Amid the recent trend of providing services to underbanked/unbanked customers through digital financial services, MUFG has been making strategic investments in digital financial services.
Through strategic investments in digital financial services, MUFG continues to support the growth of its portfolio companies, contribute to financial inclusion in Asia, and aims to capture the growth of digital finance.”
