MUFG Bank is set to inject an additional $333 million into Indian digital lender DMI Finance, valuing the company at approximately $3 billion.
Just over a year after leading a $400 million funding round for DMI, the Japanese financial giant is investing 27.99 billion rupees, establishing itself as the second-largest shareholder in the company.
DMI Finance leverages its proprietary technology to provide point-of-sale (POS) loans to Indian consumers via collaborations with partners such as Samsung, Google Pay, and Airtel. By addressing the needs of India’s vast underbanked population, DMI has successfully served more than 15 million customers and plans to utilize the new funds to enhance its balance sheet and expand its operations.
Recently, MUFG has actively invested in various fintechs across the Asia Pacific, focusing on solutions for the underbanked demographic. This includes investments in the Thai super-app Ascend Money, Singapore’s Grab, Indonesia’s Akulaku, and the Philippines-based mobile payment and credit service Mynt.