Indian digital lender DMI Finance has raised $400 million in a financing round led by Japanese giant Mitsubishi Bank.
Sumitomo Mitsui Trust Bank joined the round for Delhi-based DMI, which claims a customer base of 25 million for its personal and MSME loans.
The company has developed technology for its lending stack, from sales and underwriting through to customer service and collections.
It operates through a host of digital channels and works as an embedded digital finance partner for the likes of Samsung, Google Pay and Airtel.
Masashige Nakazono, MD, head, global commercial banking planning division, MUFG Bank, says: "We strongly believe that DMI Finance has been building up a robust and distinguished business model with 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 the financial inclusion in India."