DMI Finance, a non-banking financial company (NBFC) based in India, has closed a $47 million equity investment round, which brought new investor Sumitomo Mitsui Trust Bank.
The round takes its total equity base to $500 million, with the Japanese conglomerate joining existing investors such as New Investment Solutions and NXC Corporation.
DMI Finance has been operating since 2009 and describes itself as “a pioneer in embedded digital finance in India”.
Its products include personal loans, lines of credit, buy now, pay later (BNPL), original equipment manufacturer (OEM) financing, and micro, small and medium-sized enterprise (MSME) loans.
It says it has “a full-stack digital lending and loan lifecycle management platform” with a customer base of over six million. It expects at least 10% month-on-month growth in 2022.
“We are in the early stages of what is already an incredible period of building India’s digital financial ecosystem,” a spokesperson for DMI Finance comments.