Online lending platform Biz2Credit announced on Tuesday it secured $52 million through its Series B funding round, which was led by WestBridge Capital. Founded in 2007, Biz2Credit is on a mission to provide small businesses with lending solutions throughout their lifecycle in a flexible and transparent environment. The lender also offers the Biz2X platform to banks and other financial institutions to allow them to better manage loan processes and related risks.
“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 to date, gives banks an omni-channel experience to seamlessly scale up digital lending business across multiple markets.”
Also speaking about the investment round,
“We are delighted to partner with WestBridge, as they have one of the strongest fintech portfolios we found among growth investors. 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.”
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.”
Funds from the Series B round will be used to drive further growth in Biz2Credit’s marketplace lending business and support the continued expansion of Biz2X.