DMI Finance announces the closure of a $400m equity investment round

By Leandra Monteiro

DMI Finance Private Limited announced the closure of a USD 400 million equity investment round led by Mitsubishi UFJ Financial Group, Inc. through its consolidated subsidiary MUFG Bank, Ltd, with participation from existing investor Sumitomo Mitsui Trust Bank Limited (SuMi TRUST Bank). This round includes primary and secondary transactions.

Yuvraja C. Singh, Co-Founder and Joint Managing Director of DMI Finance said, “We feel that the Indian financial market has huge potential for growth over the next decade (or two) and are fortunate to have the strategic investors that we do, who share our values and long-term vision. There is a large, underserved population when it comes to financial services in India, and it is our goal to promote financial inclusion and support this market. It is very important to us that all stakeholders have a positive experience working with DMI, and this requires us and our investors to have philosophical and strategic alignment. With their patience and deep experience in the financial markets, we feel that MUFG and SuMi TRUST Bank, are the perfect investors for us. We look forward to working together.”

Masashige Nakazono, Managing Director, Head of Global Commercial Banking Planning Division of MUFG Bank said, “For MUFG, Asia is a significantly important and second home market, and India is one of our most expected growing markets with the rapid population growth and foundation of digital infrastructure, showing a strong trend and potential of expansion on digital financial services to the unbanked customers. We strongly believe that DMI Finance has been building up a robust and distinguished business model with an external partnership based on the power of its cutting-edge technologies. We’re excited to support DMI Finance’s growth through our investment as a strategic partner and to contribute to 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 of 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. We are confident that DMI’s digital financial services, which organically combine fintech and last-mile reach capabilities, will continue to contribute significantly to India’s growth, and that DMI itself will achieve further growth. We also look forward to creating business opportunities to collaborate with DMI as its business partner, and to growing together with DMI through India-related business.”

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.

DMI Finance sources and services customers through multiple digital channels – in particular it is an embedded digital finance partner of choice for businesses including Samsung, Google Pay and Airtel which work with DMI Finance to provide diverse financial products to their customers across India.