MUFG invests $338.5m in India’s DMI Finance

DMI Finance has provided loans to 15.2 million customers in India as of March 2024.

MUFG Bank has invested over INR27.98b (JPY49b or US$338.5m) to DMI Finance Private, a digital financial services business in India, the bank announced on 22 August 2024.

The Japanese megabank had earlier invested in DMI Finance in April 2023.

DMI Finance provides point-of-sale (POS) loans and cross-sell loans in India. It now has a cumulative total of 15.2 million customers as of March 2024, according to MUFG.

The latest investment is part of MUFG’s efforts to capture growth in Asia Pacific’s digital finance services. MUFG had earlier invested in Ascend Money in June, and in Globe Fintech Innovations in August.

“This strategic investment in a major player in India’s digital financial services industry aims to further capture growth in the area,” MUFG said in a press release announcing the investment. 

MUFG said that it aims to further strengthen its platform in Asia and enhance the value of its franchises over the medium to long term, and contribute to financial inclusion in the region.

(US$1 = JPY 144.72; as of 27 August 2024, 10:09AM)