20 July 2018
Visit www.avoka.com

DBS takes stake in classified marketplace Carousell

16 May 2018  |  4341 views  |  0 DBS

Singapore's DBS has joined in a US$85 million funding round in classified ads marketplace Carousell as a prelude to offering financial products and payment services over the platform.

The app-based marketplace currently serves 19 major cities in seven markets in Asia. In the two years following its last round of funding, Carousell has quadrupled in volume globally, featuring more than 144 million listings and 50 million items sold.

The past year has seen the platform expand into high value categories such as cars, property, jobs, services and, most recently, finance through a collaboration with PFM app MoneySmart.

DBS Group CEO Piyush Gupta, says the bank will leverage its investment to begin offering financial products and financing options from within the marketplace.

“DBS has been leveraging digital technology and innovation to seamlessly integrate banking into the lives of customers," he says. "We’re stepping up our participation in ecosystems, improving the customer journey and using data to inform our offerings. The investment in Carousell further builds on that.”

In the last two years, DBS has tied up with a multitude of partners to embed its products into online consumer shopping sites. In 2017, the bank launched DBS Car Marketplace, Singapore's largest direct seller-to-buyer car marketplace, and earlier this year, the bank also introduced DBS Electricity Marketplace which allows households to switch to other retailers following the liberalisation of the retail electricity market in Singapore. In addition, the bank runs Property Marketplace, a platform that connects tenants and landlords.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

DBS launches digital financial advice tool

DBS launches digital financial advice tool

10 May 2018  |  6620 views  |  0 comments | 5 tweets | 3 linkedin
DBS re-architects data centre for the cloud

DBS re-architects data centre for the cloud

13 November 2017  |  4763 views  |  0 comments | 2 tweets | 4 linkedin
DBS takes the wraps off API platform

DBS takes the wraps off API platform

03 November 2017  |  10473 views  |  0 comments | 12 tweets | 23 linkedin
DBS rolls out VR mortgage app

DBS rolls out VR mortgage app

06 September 2017  |  9991 views  |  3 comments | 4 tweets | 11 linkedin
DBS to invest SG$20 million to create digital workforce

DBS to invest SG$20 million to create digital workforce

22 August 2017  |  7743 views  |  0 comments | 11 tweets | 8 linkedin
DBS Bank launches online car selling marketplace

DBS Bank launches online car selling marketplace

11 August 2017  |  13692 views  |  4 comments | 13 tweets | 11 linkedin
DBS and OCBC push QR codes for mobile payments

DBS and OCBC push QR codes for mobile payments

26 April 2017  |  6296 views  |  0 comments | 7 tweets | 9 linkedin
DBS looks to the cloud to become more 'fintech-like'

DBS looks to the cloud to become more 'fintech-like'

28 July 2016  |  9916 views  |  0 comments | 11 tweets | 12 linkedin
DBS Bank enables SMEs to apply for an account via video conferencing

DBS Bank enables SMEs to apply for an account via video conferencing

17 May 2016  |  7505 views  |  0 comments | 10 tweets | 13 linkedin
DBS strikes P2P referral deals with marketplace lenders

DBS strikes P2P referral deals with marketplace lenders

21 April 2016  |  7237 views  |  2 comments | 10 tweets | 10 linkedin
DBS pledges S$10 million to support Singaporean startup ecosystem

DBS pledges S$10 million to support Singaporean startup ecosystem

04 December 2015  |  7302 views  |  0 comments | 8 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit https://secure.vasco.comVisit iliad-solutions.com/

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12637 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10052 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9625 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6550 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6378 views comments | 2 tweets | 7 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY USA

Find your next job