I am thrilled to announce that, as of last week, we are one of the few fintechs in the world to be growing not just rapidly but profitably. @BankBazaar exited FY21-22 with EBITDA profitability for March. 1/7
We logged an annualised revenue of Rs.156 crore, growing sustainably and profitably at 100% CAGR. This much-awaited milestone puts us on the path to full-year profitability for FY22-23. 2/7
Notably, we passed this milestone during a tough time for BFSI going through unprecedented shifts due to the pandemic. How did BankBazaar get here? 3/7
In 2021, we pivoted. The pleasing results have come on the back of our new co-brand credit card strategy. Our credit card issuances have grown 82% Y-o-Y. More importantly, our co-branded cards are now contributing over half the total issuances. 4/7
We expect the co-brand share to scale up to 80% this year. Our credit portfolio is going to rapidly expand to include not just more co-brand credit cards but also personal loans and BNPL. 5/7
By 2024, we expect there to be one million customers with BankBazaar co-brand credit cards in their wallets. They will use those cards to not just get better value for online shopping but also to improve their credit scores using CreditStrong. 6/7
In the backdrop, the start-up scene braces for tougher times. #Profitability is the only way forward. And BankBazaar will be strongly positioned to grow profitably in the years to come. 7/7
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