DMI Finance Raises $ 47 Million from Sumitomo Mitsui Trust Bank and Others

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Non-bank lender DMI Finance raised US $ 47 million in equity led by new investor, Japanese financial center Mitsui Trust Bank and existing investors New Investment Solutions and NCX Corporation, bringing its overall capital base to 500 million dollars now. Sumitom

Delhi-based DMI Finance, which has been in business since 2009, serves over 6 million clients and offers personal loans, lines of credit, buy-now credits, trade finance and small business loans. It also offers finance for housing, wholesale finance and asset management, he said in a statement on Tuesday. The NBFC did not share further details on the funding, such as the dilution of equity or the amount invested by the Japanese lender.

Sumitomo Mitsui Trust Bank has been the largest trust bank in Japan since 1925 with $ 1.95 trillion in assets on deposit and $ 760 billion in assets under management. The fiduciary bank provides a range of services in the areas of commercial banking, asset management and administration and asset disposal, with fiduciary activities such as pension trusts and trust trusts. investment, and complementary activities such as real estate brokerage and securities transfer agency services.

Japanese trust banks are financial institutions that offer a wide variety of investment-related services and banking services to businesses and individuals. Trust banks have access not only to the traditional market for indirect financing, but also to the expanding market for direct financing. These banks allow their clients to transact with each other, with the bank playing the role of trustee during those transactions and helping clients transfer assets to another client in accordance with the terms and conditions of the trust agreement.

In other words, a trust bank is a bank that helps transfer assets between clients through formal contracts called trusts in which the client who transfers their assets is called the settler and the client who accepts the settler’s assets is the beneficiary. . The role of the trustee is to oversee and administer the transfer of assets on behalf of its clients. The concept of trust banks first appeared in Japan when in 1905 Tokyo established its first surety trust system by passing the Surety Trust Act.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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