New Delhi-based DMI Finance has raised $47 million from Sumitomo Mitsui Trust Bank and other investors, according to a statement from the company. The company did not disclose the valuation at which the investment took place.

“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,” a spokesperson for Sumitomo Mitsui Trust Bank was quoted as saying in the statement.

This equity raised by DMI Finance takes its total equity base to $500 million. Existing investors New Investment Solutions and NXC Corporation joined Sumitomo Mitsui Trust Bank in the funding Established in 1925, Sumitomo Mitsui Trust Bank is Japan’s fifth largest trust bank with JPY 224 trillion ($1.95 trillion) of custody assets and JPY 87 trillion ($760 billion) of assets under management.