DMI Finance Private Limited (DMI Finance) announced the completion of a $47 million equity investment round on Tuesday, including Sumitomo Mitsui Trust Bank Limited as a new investor.
Established in 1925, SuMi Trust Bank is Japan’s largest trust bank with JPY 224 trillion (~USD 1.95 trillion) of custody assets and JPY 87 trillion (~USD 760 billion) of assets under management.
DMI Finance, the DMI Group’s Non-Banking Financial Company (“NBFC”), was founded in 2008 and has been a lender in India since 2009.
“We are excited to start the partnership with DMI and build the future of Finance. Digital financing in India is entering a high growth phase and will be instrumental in achieving financial inclusion. DMI is rightly placed to capitalize on the opportunity as it has successfully combined fintech and last-mile reach capabilities to service the aspiring consumer base in India,” added spokesperson for SuMi TRUST Bank.