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Biz2Credit
Company typePrivate
IndustryFinancial services
Founded2007; 17 years ago (2007)
FounderRohit Arora, Ramit Arora
HeadquartersNew York, USA and Noida, India
Area served
USA, UK, India, Australia
Key people
Rohit Arora (co-founder & CEO)[1]
Ramit Arora (co-founder & President)
Websitewww.biz2credit.com

Biz2Credit is an online financing platform for small businesses. The company provides direct funding to small businesses across the United States.[2] The company is known for its financing products, educational resources for business such as the BizAnalyzer,[3] and research that it publishes periodically, including the Small Business Lending Index, and its subsidiary SaaS business lending platform Biz2X.

The company uses big data analytics, engineering, and predictive modeling to help optimize cash flow for small businesses.

History

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Biz2Credit was founded in 2007 by Ramit Arora and Rohit Arora as an online financial platform in the alternative lending industry.[4] While the company began initially as a provider of Marketplace lending for businesses, in 2013 the company changed its approach and to offer financing directly to its clients.

The company's investors include Nexus Venture Partners[5] and Tata Capital.[6] In 2014, the company received a $250 million commitment from direct lending investment to expand its small business financing facility.[7]

In 2019 Biz2Credit secured $50 million in Series B funding.[8]

The company launched its global SaaS (software-as-a-service) platform – Biz2X in 2019. Biz2Credit changed in the same year.[9]

Biz2Credit launched the CPA portal in partnership with CPA.com. The platforms also launched PPP Loan Forgiveness Tool in July 2020.[10]

In response to the COVID-19 pandemic, the company launched an online forum virtual event series with members of Congress in 2020.[11] The company also launched pppforgivenesstool.com to help small business owners secure loan forgiveness on their PPP Loans and ensure they could maintain adequate cash flow.

In December 2020, Biz2Credit announced taking pre-applications for the new round of the PPP.[12]

As of July 2022, the company has facilitated more than $8 billion in loans and financings to small business owners. Biz2Credit is a primary participant in the OCC Project REACh initiative to help small businesses secure access to capital. The company is a member Innovative Lending Platform Association (ILPA), a trade organization representing online lending and service companies that serve small businesses.

Services

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Biz2Credit offers online business financing services through three financial products: term loans, working capital financing, and commercial real estate loans.[13][10] Financing rates are based on the borrower's financial metrics and their online financing applications completed on Biz2Credit.com.[14] The company does not offer other banking services beyond loans and financing.

Biz2Credit also provides small businesses with software tools that can be used to help their companies improve financial performance, such as the BizAnalyzer Virtual CFO platform they have developed.

Operations

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Biz2Credit is headquartered in New York City, NY. Biz2Credit uses Amazon Web Services machine learning to automate the loan process by extracting text and data from documents.[15]

The company frequently publishes proprietary research that is used by journalists, data scientists and industry trade groups to assess the financial performance of small businesses. Periodic research reports include the Annual Women-Owned Business Study, Latino-Owned Business Study, Top 25 Small Business Cities Report and Small Business Industries Report.

Clients

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Partners

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  • CPA.com & the AICPA
  • Paychex
  • The Hartford Insurance
  • America's Women Business Centers
  • Nationwide Insurance

Awards

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  • 2022, The LIT Commercial Awards: Platinum Award for the Commercial & Marketing - Financial Services category[20]
  • 2022, The American Business Awards (2 Categories: Fastest Growing Tech Company & Social Video)[21]
  • 2022 The Muse Creative Awards (2 Categories: Advertising Campaign & TV Ad)[22]
  • Best Places to Work in New York[23]
  • Best Places to Work in Fintech (American Banker)[24]
  • 2021 Finovate Award: Excellence in Pandemic Response[25]
  • Biz2X – IBS Intelligence (IBSi) Global Fintech Innovation Award[26]
  • Best Small Business Loans Provider by CNBC Money in December 2021[27]
  • Top 100 Best Midsize Companies to Work in NYC in 2021[23]

References

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  1. ^ CNBC.com, Elaine Pofeldt, special to (August 18, 2016). "The 25 best cities to get a business bankrolled". CNBC. Retrieved July 2, 2018.{{cite news}}: CS1 maint: multiple names: authors list (link)
  2. ^ "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". Crowdfund Insider. December 15, 2015. Retrieved July 2, 2018.
  4. ^ "Biz2Credit Launches In India For SME Finance | PYMNTS.com". www.pymnts.com. June 6, 2016. Retrieved July 2, 2018.
  5. ^ "Biz2Credit Gets $250 Million Commitment – TechCrunch". techcrunch.com. Retrieved July 2, 2018.
  6. ^ "Tally add-on enables small biz to get loans". The Times of India. Retrieved July 2, 2018.
  7. ^ "Biz2Credit Receives $250 Million Commitment from Direct Lending Investments to Purchase Loans | Crowdfund Insider". Crowdfund Insider. December 30, 2014. Retrieved July 2, 2018.
  8. ^ Kapur, Narinder (June 6, 2019). "WestBridge leads huge Series B round in digital lender Biz2Credit". VC Circle. Retrieved December 12, 2019.
  9. ^ News 0, Gabrielle Pickard-Whitehead In Small Business (October 26, 2020). "Biz2Credit Rebrands Biz2X Platform for Small Business Lenders". Small Business Trends. {{cite web}}: |first= has generic name (help)CS1 maint: numeric names: authors list (link)
  10. ^ a b "AICPA and CPA.com Team Up with Biz2Credit to Launch PPP Loan Forgiveness Tool | News | AICPA".
  11. ^ "Biz2Credit to Host Forum with U.S. Senator Susan Collins on PPP Successes and Lessons Learned on Thursday, July 2". Nasdaq. June 30, 2020.
  12. ^ "Biz2Credit announces taking pre-applications from small businesses for new round of the PPP". IBS Intelligence.
  13. ^ CNBC.com, Elaine Pofeldt, special to. "Cities leading the way in loans to American entrepreneurs". CNBC.{{cite web}}: CS1 maint: multiple names: authors list (link)
  14. ^ "Biz2Credit Launches In India For SME Finance". www.pymnts.com. June 6, 2016.
  15. ^ "Fast 50 - Biz2Credit". Crain's New York Business. July 16, 2018.
  16. ^ Sengupta, Devina (April 12, 2016). "Tata Capital ties-up with Biz2Credit to reach out to small businesses in India". The Economic Times. Retrieved July 2, 2018.
  17. ^ "HSBC to Offer Online Small Business Loans in Canada". americanbanker.com. Retrieved March 7, 2019.
  18. ^ "Biz2Credit ties up with Tally Solutions - Banking Frontiers". Banking Frontiers. June 8, 2018. Retrieved July 2, 2018.
  19. ^ Bhakta, Pratik (September 19, 2018). "Andromeda signs strategic alliance with Biz2Credit". ET Tech. Retrieved December 30, 2019.
  20. ^ "LIT Commercial Awards | International Videographer Awards". thelitawards.com.
  21. ^ "Company / Organization Awards | Stevie Awards". stevieawards.com.
  22. ^ "Biz2Credit Pours Their Hearts into Small Businesses to Grasp the Future". July 1, 2022.
  23. ^ a b "100 Best Midsize Companies to Work For in NYC 2021 | Built In NYC". www.builtinnyc.com.
  24. ^ "Best Places to Work in Fintech 2022". American Banker. June 1, 2022.
  25. ^ Muhn, Julie (September 14, 2021). "2021 Finovate Award Winners Unveiled". Finovate.
  26. ^ "IBSi Global FinTech Innovation Awards". IBS Intelligence.
  27. ^ White, Alexandria. "The best small biz loan options for startups, small businesses and solo entrepreneurs". CNBC.
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