MUFG Bank is investing another $333 million in Indian digital lender DMI Finance at a valuation of around $3 billion.
Little over a year after leading a $400 million financing round for DMI, Japanese giant MUFG says it will invest another 27.99 billion rupees, making it the second largest shareholder.
Using its proprietary technology, DMI Finance offers POS loans to Indians through partnerships with external parties, working with the the likes of Samsung, Google Pay and Airtel.
Tapping into India's huge underbanked market, the firm has served over 15 million customers and will use the new funding to expand its balance sheet and scale.
MUFG has recently made a host of investments in Asia Pacific fintechs targeting the region's underbanked, including Thai super-app Ascend Money, Singapore's Grab, Indonesia's Akulaku, and Philippines-based mobile payment and credit service Mynt.