MUFG Bank has ramped up its investment in DMI Finance, an Indian digital lender, with a hefty sum of $333m.
According to Finextra, this latest investment thrusts the valuation of DMI Finance to about $3bn. This funding marks a continuing commitment from the Japanese financial behemoth, following a substantial $400m investment just over a year ago.
Based in India, DMI Finance leverages cutting-edge technology to provide point-of-sale (POS) loans. Collaborating with major global and local brands such as Samsung, Google Pay, and Airtel, DMI effectively addresses the needs of millions by facilitating quick and accessible financing solutions.
This strategic funding is earmarked to significantly enhance DMI Finance’s balance sheet and amplify its operational scale. This expansion is vital for the company’s mission to extend its reach within India’s vast underbanked population, a key market that DMI continues to serve effectively. To date, the firm boasts a robust customer base exceeding 15 million users.
MUFG’s investment spree extends beyond DMI, as it has also infused capital into other Asian Pacific FinTech ventures targeting similar underbanked segments. Noteworthy investments include stakes in Thai super-app Ascend Money, Singapore’s Grab, Indonesia’s Akulaku, and Mynt, a prominent player in the Philippines’ mobile payment and credit sector.
Yoshiaki Kido, MUFG CEO, said, “Our renewed investment in DMI Finance is a testament to our belief in the company’s robust business model and its potential to transform digital lending in India.”
Previously, DMI Finance had secured a substantial $400m in a financing round led by MUFG, setting the stage for this latest funding cycle.
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