BankBazaar plans to add 600 jobs in FY22 to fuel expansion plans

Financial products marketplace BankBazaar has announced plans to hire 600 employees across technology, product, operations, and customer service domains. The company looks to expand its digital KYC and analytics solutions – the key growth drivers for its business – to a much larger portfolio of unsecured credit products.  

The hiring in the financial year 2022 will be across all BankBazaar locations in Chennai, Bengaluru, and Mumbai.

In November last year, the company said it is resuming hiring and giving promotions and hikes to existing employees, on the back of strong signs of revenue recovery.

“We are continuing to see an increase in the demand for innovative contactless solutions that make access to credit products easier and smoother. Given the growth momentum and the high resource utilization we are seeing, we believe it is essential to shore up our strengths and build an even bigger team that is ready to meet every future challenge that comes our way,” Sriram V, CHRO, BankBazaar said in a statement.

According to the company, credit cards have been the primary driver for growth last year, and since the start of digital KYC, 72% of credit card issuances contactless. The last quarter of FY21 saw a resurgence in demand for personal loans for the first time since the pandemic started.  

The company indicated that there has been a two fold growth in the number of applications between January and March 2021, as credit outlook improved and credit tightening normalized. Almost 88% of personal loan disbursed were via contactless alternatives such as digital KYC. The company is optimistic that the next bounce back will be in personal loans segment.

“With the second wave of Covid-19 peaking, the demand for innovation and disruption especially in contactless lending is only set to increase, and we are gearing up to meet this demand. In this difficult time, as the need for easy access to emergency credit becomes paramount, we are working to ensure that there are as few roadblocks as possible,” Adhil Shetty, co-founder and CEO, BankBazaar said.   

Separately, BankBazaar is vaccinating all the employees and immediate family members. Remote working options too have been extended for existing and potential employees, and employee engagement activities have been ramped up.

In February this year, the loan aggregator had also rolled out employee stock ownership plans (ESOPs), adding $15 million worth of equity shares in the pool.