Leading the Fintech Revolution In 2019, Rohit Arora launched Biz2X, a platform to help banks run their lending operations at scale in the Indian market. A natural outgrowth of Biz2Credit, he noticed how banks and fintech players lending to MSMEs suffered from costly SME originations, leading to expensive and poorquality customer acquisition.
By Paromita Gupta •
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The fact that small and medium enterprises face a credit crunch to expand their business is no hidden fact. And this was precisely what Rohit Arora wanted to change, which he did with Biz2Credit in 2007.
"We identified five big touch points for SMEs businesses which are payments, payroll, filing taxes, marketing as well as needing capital to grow their businesses. Biz2Credit has built a state of art platform which connects all these touch points and gets access to data in a realtime fashion," shared the CEO and Co-Founder of Biz2Credit.
The financial service-providing platform believes funding options should be unique to one's business. With decision and funding duration being 24 hours and 72 hours, respectively, budding entrepreneurs can receive funding between $25,000 to $6 million. The company, backed by Nexus Venture Partners, has provided over $7 billion in funds to MSMEs across the US.
In 2019, Arora launched Biz2X, a platform to help banks run their lending operations at scale in the Indian market. A natural outgrowth of Biz2Credit, he noticed how banks and fintech players lending to MSMEs suffered from costly SME originations, leading to expensive and poorquality customer acquisition.
Such players had no real-time connection with borrowers to understand their real issues and have data insights. Some of the banks associated with the platform are Citibank, ICICI Bank, HSBC, and Standard Chartered, and it's also providing its facilities to banks and financial institutions across the world. It is now expanding big time in the GCC region.
FACTSHEET:
Amount of funding received- Around $500 million between equity and debt
Year of inception- 2007
Number of employees- 650
No. of app downloads- 2 million plus
