Biz2Credit Inc., the leading online lending platform that helps banks and other financial institutions manage small and medium enterprises (SMEs) lending processes and makes it easier and faster for SMEs to access working capital, announced that it has completed a Series B capital financing round of USD 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.
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.
"In a market filled with online lending solutions, Biz2X is a truly differentiated platform to automate banks' business and commercial lending," said Rohit Arora, CEO, and Co-Founder of Biz2Credit.
"The technology, coupled with Biz2Credit's risk management and data analytics tools, and backed with performance data of over USD2 billion of funding to date, gives banks an omnichannel experience to seamlessly scale up digital lending business across multiple markets", he added.
"We are excited to partner with the impressive leadership team at Biz2Credit and to work with management to build upon the company's track record of innovation. 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", said Sumir Chadha, Managing Director of WestBridge.
"We are delighted to partner with WestBridge, as they have one of the strongest fintech portfolios we found among growth investors," said Ramit Arora, President and Co-Founder of Biz2Credit. "Their 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", he added.
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