BIZ2X is a fast-growing digital lending platform, enabling financial providers to power growth with a modern omni-channel experience and advanced risk tools. Biz2Credit, the company behind this platform, partners with financial institutions to support their digital transformation efforts through the platform—from origination to AI based risk, auto underwriting, cash flow analysis, servicing and collections. “Biz2X solutions not only reduces operational expense, but accelerates lending growth by significantly improving client experience, reducing total turnaround time and equipping the relationship managers with powerful monitoring insights and alerts,” says the company CEO & co-founder, Rohit Arora.
Ramit Arora is the president and other co-founder at this venture. According to him, the Biz2X platform is the natural outgrowth of Biz2Credit’s established platform software that brands such as HSBC and Popular Bank have chosen to launch new online lending initiatives. “With enhanced loan management, servicing, risk analytics and a configurable customer journey, Biz2X is helping banks like these run their lending operations at scale,” he says. “Biz2X uses a streamlined user interface, AI-driven analytics and a customisable white label environment to help banks enhance their core services such as offering focused customer service, growing their portfolio, and increasing the use of their products.”
Biz2Credit is one of the largest SME lenders in the US, having facilitated online loans worth more than $8 billion over the last 5-7 years. “Biz2Credit since then has been providing our domain expertise as well as our technology to banks and NBFCs globally as well as in India. Some of our initial customers include HSBC in multiple countries globally including in India,” says Rohit Arora. “Biz2X can go live in 3-4 months doing everything in digital lending, starting from origination, underwriting (we have a proprietary scoring engine), workflows, documents management as well as LMS. It is absolutely integrated with all relevant APIs like KYC, GST, MCA, bank statements, OCR, etc., and it is completely India-ready. We cover all types of products as well retail, business, secured, unsecured,” he informs.
Last year during the Covid-19 pandemic, the two co-founders started to expand operations outside India, especially in the APAC and Middle East regions and managed a few wins in both the regions. “Not stopping at these wins, we continued to build an exciting pipeline of deals in both South East Asia as well as the Middle East. This initial success has got us closer to opening our branch offices in Singapore and Dubai. We have already started discussions with local partners as well as local employees to add to our expansion plans in these geographies,” they inform.
In 2019, it had raised a funding of $52 million in Series B round 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 were used to drive growth of state-of-the-art digital lending platforms, through SaaS partnerships with global financial institutions. With live deployments of the Biz2X Platform in four major markets worldwide, the funding helped accelerate the adoption of Biz2X globally.
Biz2X started 2021 with some new products, starting with the Digital Customer Acquisition Management (DigiCAM) for personal loan and SME loans. “We also launched an advanced version of DigiCAM for Continuous Loan Monitoring – DigiCAM Advanced and plan for more exciting launches in coming months,” says Rohit Arora. Also, the company is eying expansion in India by making an investment of $100 million over the next five years. The investment will be spent mainly in R&D, operations, and building the workforce.