The funds will be deployed to drive further growth in Biz2Credit's marketplace lending business and support the continued expansion of Biz2X, the company's digital lending platform.Press Trust of India
Biz2Credit Inc., a NYC-based online lending platform that helps banks and other financial institutions manage small and medium enterprises (SMEs) lending processes and makes it easier for SMEs to access working capital, today announced that it has completed a Series B capital financing round of $52 million led by WestBridge Capital.
This is the second round of equity financing for Biz2Credit. The company was initially funded by Nexus Venture Partners.
The funds will be deployed to drive further growth in Biz2Credit's marketplace lending business and support the continued expansion of Biz2X, the company's state-of-the-art digital lending platform, through SaaS partnerships with global financial institutions. With live deployments of the Biz2X Platform in four major markets worldwide, the funding will help accelerate the adoption of Biz2X globally.
Rohit Arora, CEO and Co-Founder of Biz2Credit said,
"The technology, coupled with Biz2Credit's risk management and data analytics tools, and backed with performance data of over 2 billion of funding to date, gives banks an omni-channel experience to seamlessly scale up digital lending business across multiple markets."
Ramit Arora, President and Co-Founder of Biz2Credit added,
"The investment will allow us to continue to hire the best people and maintain our position as the industry leader and innovator in online lending technology and operations."
Founded by Rohit Arora and Ramit Arora, Biz2X's cutting-edge software enables banks and other financial institutions to streamline SME and commercial lending while providing state-of-the-art, end-to-end loan origination, servicing, monitoring and risk management, and data analytics tools.
Sumir Chadha, Managing Director of WestBridge, said,
"We have been highly impressed with the company's success in partnering with many global financial institutions to power their digital lending. Biz2Credit is a great addition to our portfolio."
In March 2019, Mumbai-based digital lending startup SME Corner also secured Rs 90 crore in fresh funding in a mix of debt and equity.