Biz2Credit, the online lending platform that helps banks and other financial institutions manage small and medium-sized business (SMB) lending processes, announced Tuesday (June 4) that it raised $52 million in venture funding.
In a press release, Biz2Credit said the Series B funding round was led by WestBridge Capital. It marks the second round of equity financing. Its initial funding came by way of Nexus Venture Partners. The company said the proceeds will be used to drive more growth of its marketplace lending business and to support the expansion of Biz2X, its digital lending platform via software as a service (SaaS) partnerships with global financial firms. The company announced the SaaS platform aimed at financial institutions in late May. The white label solution includes artificial intelligence (AI) analytics that can configure to an institution’s unique credit policies.
The Series B round of funding will also help accelerate the adoption of its platform on a global basis, Biz2Credit said in the press release.
“In a market filled with online lending solutions, Biz2X is a truly differentiated platform to automate banks’ business and commercial lending,” said Biz2Credit CEO and Co-Founder Rohit Arora in prepared remarks. “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.”
Biz2X’s software enables banks and other financial institutions to improve their SMB and commercial lending and provide end-to-end loan origination, servicing, monitoring and risk management and data analytics tools.
“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,” said Sumir Chadha, managing director of WestBridge. “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.”