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Biz2Credit plans expansion, eyes Rs 100 cr revenue by 2020

Business Finance

Press Trust of India  |  Mumbai 

US based fintech firm Biz2Credit is digitally enhancing its operations in India and is targeting Rs 100 crore topline over next two years.

Biz2Credit is an online lending resource and platform for small and medium-enterprises (SMEs).

"The company has partnered with Tata Capital and Tally Solutions and is talking to several banks and NBFCs for partnership. We are targeting Rs 100 crore revenue over the next two years and digitally enhance our operations in India," Biz2Credit president Ramit Arora said in a statement here.

The recent alliance with Tata Capital expands loan offerings on online marketplace and gain access to a full range of Biz2Credits offerings including data and risk analytics through the patented BizAnalyzer Score to innovatively fund small businesses transactions.

The company has also tied up with India's biggest DSA Andromeda and is looking to strengthen its portfolio and expand its reach across the country. The recent tie-up will allow the company to cater to the base of borrowers in India across 16 cities where Andromeda operates, Arora said.

The platform will enable borrowers to complete all documentation pertaining to the loan application steps digitally. Also, loan approval will become much faster owing to the seamless integration with a growing list of lenders already integrated on the platform. In addition, borrowers receive real-time updates on the status of their applications through the online dashboard.

The fintech industry is growing at a compounded rate of 22 per cent annually and is set to become a USD 73 billion industry by 2020.

To sustain this expansion the company is also looking to increase the number of employees by 25 per cent. Currently it has 250 employees which includes underwriters, IT and operations, Arora said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, September 20 2018. 19:50 IST