DMI Finance secured $47 million Equity Investment from Sumitomo Mitsui Trust Bank, Limited

DMI Finance Private Limited (“DMI Finance”) today announced that a USD 47,000,000 equity investment round was closed. This round included a new investor SumitomoMitsui Trust Ban Limited. (“SuMi TRUST bank”)

1004485 dmi logo

DMI Finance, the Non-Banking Financial Company (“NBFC”) under the DMI Group, has been a lender for Indians since 2009. It is an innovator and leader in embedded digital financing in India. Its products include personal loans and lines of credit as well as OEM financing and MSME loans.

DMI Finance offers full-stack digital lending, loan life cycle management and loan processing platforms. It has over 6 million customers in India and is expected to grow by at least 10% monthly through 2022.

DMI Finance has now raised USD 500 million equity. It has been rated AA- by ICRA and is supported by all major banks in India. SuMi TRUST Bank joins existing shareholders in DMI Finance, including New Investment Solutions as well as NXC Corporation.

DMI Finance spokesperson said “We are still in the very early stages of an amazing period of building India’s digital financial system. We are grateful for SuMi TRUST bank’s confidence in our vision, and our execution as we strive to achieve financial inclusion on a large scale.

SuMi TRUST bank spokesperson said “We are excited about the partnership with DMI, and build the future Finance. India’s digital financing sector is in high growth and will play a key role in financial inclusion. DMI is well placed to seize this opportunity, as it has successfully combined fintech with last-mile reach capabilities in India to serve the growing consumer base. 

Get latest news from African Startup ecosystem

Latest stories

You might also like...