NEW YORK, June 04, 2019 (GLOBE NEWSWIRE) -- Biz2Credit Inc., the leading online lending platform that helps banks and other financial institutions manage small and medium business (SMB) lending processes and makes it easier and faster for SMBs to access working capital, announced that it has completed a Series B capital financing round of $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 SMB 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 $2 billion of funding to date, gives banks an omni-channel experience to seamlessly scale up digital lending business across multiple markets.”
Sumir Chadha, Managing Director of WestBridge, 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.”
“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.”
About Biz2Credit
Biz2Credit was founded in 2007 with one goal: make the business financing process work better for lenders and their customers. Biz2Credit’s mission is to provide small businesses with industry-leading lending solutions throughout their lifecycle in a flexible and transparent environment. The company offers the Biz2X Platform to banks and other financial institutions to allow them to better manage loan processes and related risks. For more information about Biz2Credit and Biz2X, visit www.Biz2Credit.com and www.biz2X.com.
About Nexus Venture Partners
Nexus Venture Partners is a leading early stage venture capital firm that operates as a single team with operations in the U.S. and India. With decades of experience in building and funding globally leading companies, Nexus’ footprint in the world’s two leading markets positions it uniquely with global insights and ability to serve entrepreneurs. For more information, visit https://nexusvp.com.
About WestBridge Capital
WestBridge Capital is a highly experienced investment firm, managing over $2.8 billion of capital. WestBridge seeks to partner with promising mid-sized companies run by outstanding entrepreneurs and management teams for the long-term, whether they are public or private. For more information about WestBridge, visit www.WestBridgecap.com.