Biz2Credit: digitally transformed loans – The Financial Express


(LR) Co-founders of Biz2Credit Rohit Arora (CEO) and Ramit Arora (president)

BIZ2X is a rapidly growing digital lending platform, enabling financial providers to drive growth with a modern omnichannel experience and advanced risk management tools. Biz2Credit, the company behind this platform, partners with financial institutions to support their digital transformation efforts through the platform, from AI risk-based origination to automatic underwriting. , cash flow analysis, maintenance and collection. “Biz2X solutions not only reduce operational expenses, but accelerate loan growth by dramatically improving the customer experience, reducing total turnaround time, and empowering relationship managers with powerful monitoring information and alerts.” Said Rohit Arora, CEO and co-founder of the company.

Ramit Arora is the president and other co-founder of this company. According to him, the Biz2X platform is a natural extension of the established Biz2Credit platform software that brands such as HSBC and Popular Bank have chosen to launch new online lending initiatives. “With improved loan management, service, risk analysis and a configurable customer journey, Biz2X helps banks like these manage their large-scale lending operations,” he says. “Biz2X uses a streamlined user interface, AI-powered analytics and a customizable white-label environment to help banks improve their core services, such as delivering focused customer service, growing their portfolio. and increasing the use of their products. “

Biz2Credit is one of the largest SME lenders in the United States, facilitating over $ 8 billion worth of online loans in the past 5-7 years. “Since then, Biz2Credit has provided our domain expertise and technology to banks and NBFCs around the world as well as in India. Some of our original clients include HSBC in several countries around the world, including India, ”says Rohit Arora. “Biz2X can be launched in 3 to 4 months doing everything in the digital lending area, starting with origination, subscription (we have a proprietary rating engine), workflows, document management as well as the LMS. It is absolutely integrated with all relevant APIs like KYC, GST, MCA, bank statements, OCR, etc. and it is fully India ready. We cover all types of products, whether retail, business, secure, unsecure, ”he informs.

Last year, during the Covid-19 pandemic, the two co-founders started to expand their activities outside of India, particularly in the APAC and Middle East regions and achieved some victories in both regions. . “Without stopping at these victories, we have continued to build an exciting pipeline of deals in both Southeast Asia and the Middle East. This first success brings us closer to the opening of our branches in Singapore and Dubai. We have already started discussions with local partners as well as with local employees to complete our expansion plans in these geographic areas ”, they inform.

In 2019, he raised $ 52 million in Series B funding from WestBridge Capital, says Ramit Arora. This is the second round of equity financing. The company was initially funded by Nexus Venture Partners. The funds deployed have been used to drive the growth of cutting-edge digital lending platforms, through SaaS partnerships with global financial institutions. With live deployments of the Biz2X platform in four major markets around the world, the funding has helped accelerate the adoption of Biz2X globally.

Biz2X kicked off 2021 with a few new products, starting with Digital Customer Acquisition Management (DigiCAM) for personal loans and SME loans. “We have also launched an advanced version of DigiCAM for continuous loan monitoring – DigiCAM Advanced and expect more exciting launches in the coming months,” said Rohit Arora. Additionally, the company plans to expand into India by investing $ 100 million over the next five years. The investment will be devoted mainly to R&D, operations and workforce building.

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