Online lending platform Biz2Credit Inc. said it has raised its Series B funding round of $52 million (Rs 360 crore at current exchange rate) led by private equity firm WestBridge Capital.
This is the second round of equity financing for Biz2Credit; the company was initially funded by Nexus Venture Partners.
Biz2Credit said in a statement it will use the fresh funding to expand its marketplace lending business as well as support the expansion of Biz2X – its digital lending platform for banks and financial institutions – through partnerships with global entities.
Biz2X enables banks and other financial institutions to streamline small and medium business (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. The technology, coupled with Biz2Credit’s risk management and data analytics tools, and backed with performance data of over $2 billion of funding so far, gives banks an omni-channel experience to seamlessly scale up digital lending across multiple markets,” said Rohit Arora, chief executive and co-founder of Biz2Credit.
Biz2Credit was founded in 2007 by Rohit Arora and Ramit Arora.
Deals in the space
- June: Online lending platform Avail Finance raised $9 million (Rs 62 crore) in its Series A round led by investor Matrix Partners India.
- March: Microlending platform RedCarpet Tech Pvt. Ltd secured $3.89 million (Rs 26.81 crore) from Lightspeed India Partners.
- January: ZestMoney, owned by Camden Town Technologies Pvt. Ltd, raised an undisclosed amount in venture debt from Alteria Capital.