DMI Finance, a digital lender, on Monday announced the closure of a $400 million equity investment round led by Mitsubishi UFJ Financial Group Inc through its consolidated subsidiary MUFG Bank, Ltd (MUFG).
This round, which includes primary and secondary transactions, also saw participation from existing investor Sumitomo Mitsui Trust Bank Limited (SuMi TRUST Bank).
DMI Finance is a pure-play digital lender with products including consumption, personal, and MSME loans. It leverages technology to optimise every step in the lending stack, from sales and underwriting through to customer service and collections.
Shivashish Chatterjee, Co-founder and Joint Managing Director of DMI Finance said, “DMI Finance aims to be the trusted partner for Indian households and small businesses in addressing their rapidly growing financial needs. We are delighted to welcome MUFG and SuMi TRUST Bank on this pioneering mission, on which we embarked in 2016, of providing credit in real time to our clients. We are grateful to them for this display of confidence in the ability of our team to deliver superior results, both for our clients and our investors.”
Masashige Nakazono, Managing Director, Head of the Global Commercial Banking Planning Division, MUFG Bank said, “We’re excited to support DMI Finance’s growth through our investment as a strategic partner and to contribute to the financial inclusion in India. We are looking forward to accompanying DMI Finance’s promising voyage in the digital financial market.”
Masaya Noda, Managing Executive Officer, SuMi TRUST Bank said, “We feel honoured to participate in this equity investment round and contribute to DMI’s growth as a ‘strategic investor’, following our initial investment that was also the first by a Japanese company in December 2021.”
DMI Finance covers 95 per cent of India’s pin codes and has an accessible customer base of 25 million which is expected to grow to 40 million+ in FY24. It is projected to disburse over $2.5 billion in FY24 across products.
DMI Finance sources and services customers through multiple digital channels, in particular, it is an embedded digital finance partner of choice for leading businesses including Samsung, Google Pay, and Airtel which work with DMI Finance to provide diverse financial products to their customers across India.