Startup Circle: How is Biz2X easing the paperwork for the lending industry?

Biz2X is the leading digital lending platform, enabling financial providers to power growth with a modern omni-channel experience and best-in-class risk tools. The company partners with financial institutions to support their digital transformation efforts with Biz2X’s digital lending platform - From Origination to AI-based risk, auto underwriting, cash flow analysis, servicing and collections. Biz2X solutions not only reduce the operational expense but accelerates lending growth by significantly improving client experience, reducing total turnaround time and equipping the relationship managers with powerful monitoring insights and alerts.

In the conventional banking model, the lending process is paperwork-heavy for the customer and expensive for the bank. Biz2X Platform is designed for banks that are ready to streamline that process. Biz2X provides its proprietary technology to banks so they can make accurate credit decisions instantly and offer loans to their small business clients within days instead of weeks and months.  This is because of the Biz2X dynamic features like open API integration, configurable rule engines and workflows, Bank Statement Analyzers and GST Insights, rich UI/UX capability with UI Orchestration and finally all this with low cost of ownership and shifting to a true SaaS-based Customer pricing.

Read Vineet Tyagi, Global CTO, Biz2X talk about the company offerings and roadmap ahead.

What are the drivers/market trends that are shaping the digital lending landscape in 2021?

Fintech will be leading the Financial Services sector soon and in the coming time, they will compete with the much more Formal Banking Sector head-on. There is already Open Banking and Neo Banking which is due to the lack of regulatory leeway collaborating with the Banks. Some of the Neo Banks have created a very large Customer base and this Customer base is tremendously loyal to these Fintechs. Today Banks are relying on Customer inertia to abandon the Formal Banking Services, this exit barrier will keep diminishing to the point of inflexion where the Formal Banking Structure will become redundant in the world.

How is Biz2X tapping these market trends for growth?

Biz2X uses a streamlined user interface, AI-driven analytics and a customizable white label environment to help banks enhance their core services such as offering focused customer service, growing their portfolio, and increasing the use of their products. The Biz2X Platform offers end-to-end loan management features, including:-

• End to end Digital Native Lending Platform
• Configurable rule engine and Workflow powering the Underwriting and User Journeys.
• Rich UI/UX capability with UI Orchestration
• AI-based analytical engine across the Platform for deeper insights.
• Bank Statement Analysers, GST Insights as well as Continuous Risk Monitoring.
• Low code Platform - helping faster roll-out including white-labelled journeys.
• Deployment Flexibility –Dockerized Platform, private and industry cloud

How has your revenue grown with your brand evolving during the pandemic?

While the start of the pandemic was very slow to the overall business at Biz2X, towards the middle of 2020 a lot of new conversations started as Digital Lending became the way to go globally. This concluded with a few new customers by the end of 2020 and some final stage conversations through 2021. Overall the business has recovered to the pre-covid levels now and is poised for a greater leap both in India as well as in APAC/ME.

Biz2X has become a more popular brand where Banks and Lenders are approaching the Sales team directly for helping them with their Digital Transformation for Lending.

What has 2020 changed for you? How are things now?

Biz2X has continued to grow in India throughout 2020 despite the COVID-19 crisis as the whole organization moved to a seamless work from home without having any disruptions to any of our Customer Services. We also raised the bar by continuing to provide our best of class services for delivering all our planned project deliveries on time, even under excruciating circumstances especially during the second wave, where some teams were working only on 50% capacities.

Last year during COVID, we at Biz2X started to expand our operations outside India especially in the APAC and EMEA region and managed a few wins in both regions. Not stopping at these wins, we continued to build an exciting pipeline of deals in both South East Asia as well as the Middle East. This initial success has got us closer to opening our branch offices in Singapore and Dubai. We have already started discussions with local partners as well as local employees to add to our expansion plans in these geographies.

What are your growth priorities for 2021?

Biz2X started 2021 with some exciting launches starting with the Digital Customer Acquisition Management (DigiCAM) for Personal Loan and SME Loans. We also launched an advanced version of DigiCAM for Continuous Loan Monitoring – DigiCAM Advanced and plan for more exciting launches in the coming months.

Biz2X DigiCAM (Digital Customer Application Management) can help you move to a fully digital origination platform, already connected to the complete Digital Ecosystem (Aadhar, PAN, GST, Bank Statement OCR and many more), completely eliminating the manual processes of yesterday. Biz2X DigiCAM is available in three variants – SME, PERSONAL and advanced with below out-of-box pre-integrated benefits.

As the target for the year 2021, Biz2X is moving closer to opening its branch offices in both Singapore and Dubai.

Funding

We had raised a funding of $52M in Series B round from WestBridge Capital in 2019. This is the second round of equity financing. The company was initially funded by Nexus Venture Partners. The funds deployed were used to drive the growth of state-of-the-art digital lending platforms, through SaaS partnerships with global financial institutions. With live deployments of the Biz2X Platform in four major markets worldwide, the funding helped accelerate the adoption of Biz2X globally.