Small business lending platform Biz2Credit is collaborating with consulting firm Infosys to expand its white label small business lending-as-a-service solution to more financial institutions.
In a press release issued Tuesday (Oct. 22), Biz2Credit said it will collaborate with Infosys, which will support the integration of Biz2Credit's SaaS platform Biz2X for joint financial institution clients. Together, Biz2Credit and Infosys will combine their respective small business lending and core banking technology expertise to support customized small business lending integrations for financial institutions as more banks look to digitize their operations.
“Infosys is excited to partner with Biz2Credit and utilize its Biz2X Platform to assemble innovative solutions for data monetization, underwriting and lending,” said Infosys VP and Global Head of Cards and Payments Narayan Sivaram (Nans) in a statement. “Financial institutions will benefit from our partnership and leverage this solution to accelerate their journey to becoming truly digital. We look to partner with leading FinTechs such as Biz2Credit, which are at the forefront of online business financing. Together, we can make it easier for banks to reimagine lending and embrace innovation faster.”
In another statement, Biz2Credit CEO Rohit Arora said Biz2X enables banks to more easily offer bank term loans, Small Business Administration (SBA) loans, small business lines of credit and other financial products to small and medium-sized business (SMB) clients. The solution integrates artificial intelligence and machine learning for automated underwriting and risk analysis, as well as tailored credit policies and loan-level pricing capabilities.
“Our Biz2X Platform uses the latest technology to connect small business owners with financing options based on each potential borrower's unique credit profile,” he said. “Through our open ecosystem of API connections, Biz2X clients will benefit from Infosys's industry-leading integration capabilities for a wide range of technology needs.”
Biz2Credit first rolled out its white label small business lending-as-a-service solution in May, with initial bank clients including HSBC and Popular Bank.