Company:Biz2credit

From HandWiki
Biz2credit
TypePrivate
IndustryFinancial Services
Founded2007; 17 years ago (2007)
FounderRohit Arora, Ramit Arora
HeadquartersNew York City , United States of America and Noida, India
Area served
United States of America , United Kingdom , India , Australia
Key people
Rohit Arora (co-founder & CEO)[1]
Ramit Arora (co-founder & President)
Websitewww.biz2credit.com

Biz2credit is an online credit resource offering finance to small businesses. The company is a direct lender to small businesses that have been in business for at least six months.[2] The company is known for its products BizAnalyser[3] and Small Business Lending Index.

History

The Headquarter of Biz2credit is in New York City , United States . Biz2credit was founded in 2007 by Ramit Arora and Rohit Arora as an online financial solution platform in the alternative lending industry.[4]

The company’s investors include Nexus Venture Partners[5] and Tata Capital.[6] In 2014, the company got a $250 million commitment from Direct Lending Investment to expand its small business financing facility.[7]

According to Biz2credit, it is a financing solution designed specifically to serve small businesses. The company provides products such as merchant cash advances (MCA), and bridge loans. As of 2018, Biz2credit claims to have facilitated over $2 billion in financing to small and medium-sized businesses.[8] The company claims to have 1.1 million users and 1300 lenders using its small business financing system.[9]

The company has been named to Crain’s New York Fast 50 and was ranked among the top 200 fast-growing companies on Deloitte's 2017 Technology Fast 500.[10]

Partnerships

In 2016, Biz2credit announced an agreement with Tata Capital. The partnership made Biz2credit’s lending marketplace available to Tata Capital and provided additional capital to Biz2credit. As part of the agreement, Tata Capital also received access to Biz2credit’s products including the BizAnalyzer tool.[11][12][13]

In June 2018, Biz2credit entered into a partnership with Tally Solutions, an accounting software provider to small businesses.[14] This partnership follows a model where customers of another software service (such as Tally Solutions) get access to Biz2credit’s financing products directly from the third-party software system.[15][16]

In May, 2018 JetPay Corporation (NASDAQ:JTPY), a provider of debit and credit card processing services, payroll, tax, and human capital management services, announced a partnership with Biz2Credit, through which, JetPay customers will gain access to capital through Biz2Credit's small business lending marketplace.[17]

Products and services

BizAnalyzer: Lending Scorecard Technology

Biz2credit has a proprietary simulator tool called BizAnalyzer. The tool captures data from small business owners’ financial documents and shows them a personalized report about the health of their business.[18]

Small Business Lending Index

Since January 2011, Biz2credit released a monthly report called the ‘Small Business Lending Index’. The report covers monthly data from loan approval rates at banks and institutional lenders. It is cited by major publications like Forbes , The Washington Post , and The New York Times when commenting on small business trends.

References

  1. ↑ CNBC.com, Elaine Pofeldt, special to (2016-08-18). "The 25 best cities to get a business bankrolled". CNBC. https://www.cnbc.com/2016/08/18/these-25-cities-are-best-for-small-business-loan-approvals.html. 
  2. ↑ http://www.altfi.com/article/0314_us_online_credit_marketplace_increases_sme_borrowing_success_through_advanced_technology
  3. ↑ "Biz2Credit Adds SME Financial Score Simulator Tool to BizAnalyzer: Virtual CFO | Crowdfund Insider" (in en-US). Crowdfund Insider. 2015-12-15. https://www.crowdfundinsider.com/2015/12/78828-biz2credit-adds-sme-financial-score-simulator-tool-to-bizanalyzer-virtual-cfo/. 
  4. ↑ "Biz2Credit Launches In India For SME Finance | PYMNTS.com" (in en-US). https://www.pymnts.com/news/b2b-payments/2016/biz2credit-sme-lending-india-launch/. 
  5. ↑ "Biz2Credit Gets $250 Million Commitment – TechCrunch" (in en-US). https://techcrunch.com/2014/12/29/biz2credit-gets-250-million-commitment/. 
  6. ↑ "Tally add-on enables small biz to get loans - Times of India". The Times of India. https://timesofindia.indiatimes.com/business/india-business/tally-add-on-enables-small-biz-to-get-loans/articleshow/64564374.cms. 
  7. ↑ "Biz2Credit Receives $250 Million Commitment from Direct Lending Investments to Purchase Loans | Crowdfund Insider" (in en-US). Crowdfund Insider. 2014-12-30. https://www.crowdfundinsider.com/2014/12/60401-biz2credit-receives-250-million-commitment-direct-lending-investments-purchase-loans/. 
  8. ↑ "JetPay, Biz2Credit unite to offer small biz loans – Bankless Times" (in en-US). Bankless Times. 2018-05-08. https://www.banklesstimes.com/2018/05/08/jetpay-biz2credit-unite-to-offer-small-biz-loans/. 
  9. ↑ "Biz2Credit to revolutionize the $300 billion Indian funding market through online financing" (in en). @businessline. https://www.thehindubusinessline.com/business-wire/biz2credit-to-revolutionize-the-300-billion-indian-funding-market-through-online-financing/article8686523.ece. 
  10. ↑ GmbH, finanzen.net. "Small Business Loan Approval Percentages Hit Record Highs for Banks and Institutional Lenders in May, According to Biz2Credit Small Business Lending Index™Strong Economy and Job Growth Reflected in... | Markets Insider". markets.businessinsider.com. http://markets.businessinsider.com/news/stocks/small-business-loan-approval-percentages-hit-record-highs-for-banks-and-institutional-lenders-in-may-according-to-biz2credit-small-business-lending-index-strong-economy-and-job-growth-reflected-in-1026879331. 
  11. ↑ "Tata Capital ties up with Biz2Credit to finance SMEs" (in en-US). The Financial Express. 2016-04-12. https://www.financialexpress.com/industry/tata-capital-ties-up-with-biz2credit-to-finance-smes/235518/. 
  12. ↑ Sengupta, Devina (2016-04-12). "Tata Capital ties-up with Biz2Credit to reach out to small businesses in India". The Economic Times. https://economictimes.indiatimes.com/industry/banking/finance/tata-capital-ties-up-with-biz2credit-to-reach-out-to-small-businesses-in-india/articleshow/51793747.cms. 
  13. ↑ "Tata Capital" (in en), Wikipedia, 2018-07-07, https://en.wikipedia.org/w/index.php?title=Tata_Capital&oldid=849191323, retrieved 2018-07-07 
  14. ↑ "Biz2Credit ties up with Tally Solutions - Banking Frontiers" (in en-US). Banking Frontiers. 2018-06-08. http://bankingfrontiers.com/biz2credit-ties-up-with-tally-solutions/. 
  15. ↑ ANI (2018-06-08). "Biz2Credit establishes strategic alliance with Tally Solutions". Business Standard India. https://www.business-standard.com/article/news-ani/biz2credit-establishes-strategic-alliance-with-tally-solutions-118060800838_1.html. 
  16. ↑ "Tally add-on enables small biz to get loans - Times of India". The Times of India. https://timesofindia.indiatimes.com/business/india-business/tally-add-on-enables-small-biz-to-get-loans/articleshow/64564374.cms. 
  17. ↑ Corporation, JetPay. "JetPay Partners with Biz2Credit to Expand Customer Access to Business Loans" (in en-US). GlobeNewswire News Room. https://globenewswire.com/news-release/2018/05/03/1495994/0/en/JetPay-Partners-with-Biz2Credit-to-Expand-Customer-Access-to-Business-Loans.html. 
  18. ↑ "Biz2Credit Adds SME Financial Score Simulator Tool to BizAnalyzer: Virtual CFO | Crowdfund Insider" (in en-US). Crowdfund Insider. 2015-12-15. https://www.crowdfundinsider.com/2015/12/78828-biz2credit-adds-sme-financial-score-simulator-tool-to-bizanalyzer-virtual-cfo/. 




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