MUFG Bank deepens Asia push with $232m bet in Indian lending firm

Photo credit: Shutterstock

To better serve the underbanked and unbanked population, Mitsubishi UFJ Bank (MUFG Bank) has recently been focusing on building a base of finance ventures in Southeast Asia and India. Last year, the firm invested in Indonesia-based Akulaku and India-based KreditBee. It also acquired the Indonesian and Philippine units of consumer finance firm Home Credit.

Now, MUFG Bank has poured US$232 million into DMI Finance, an India-based financial services firm. This is part of DMI Finance’s US$400 million funding round, which also saw Sumitomo Mitsui Trust Bank participating.

Funding details

• Funding amount: $400,000,000
• Investors: Sumitomo Mitsui Trust Bank (SMTB), MUFG Bank (Mitsubishi UFJ Bank)
• Stage: Bridge
• Source

As of December 2022, DMI Finance has attracted 11 million users with its housing finance and asset management services. It also offers corporate and digital lending.

Meanwhile, MUFG Bank recently announced its US$100 million Garuda Fund, which aims to invest US$3 million to US$5 million each in up to 20 companies.

More details