Online credit resource provider Biz2Credit announced yesterday of plans to invest around $100 million in India over the next 5 years on research and development, eyeing major expansion. The move comes in after the fintech company clocked several customers in the past few months and witnessed significant growth in business in India.
The investment will be spent mainly in R&D, operations, and building the workforce. The company would generate a lot of employment as it mentioned that it would add 150 new employees to enhance its technology team solely across various entry, mid and senior-level positions, and several more employees would be introduced to other segments of the company. This would ring in a lot of new employment opportunities in the country in both technical and service-based roles.
Biz2Credit CEO and co-founder Rohit Arora said in a statement, “We are delighted to see such massive growth in our business in India, this gives us the hope to further invest in Indian operations. Despite the uncertainties that two waves of the coronavirus pandemic unleashed, we have clocked a massive growth in the revenue with 15-plus new client wins and eyeing a greater leap in the next 10-12 months.”
“I want to applaud the government’s initiatives for bringing ample of new opportunities for the Fintech sector which gives the sector a quantum leap. The fintech business model is now working with a remarkable and consistent framework that enables entrepreneurs, business owners, proprietors, and even banks and NBFCs to go through huge information and make better choices in their businesses,” he further added.
Founded in 2007, Biz2Credit has been a flagship online marketplace for small business funding, having arranged more than $8 billion in small business funding for thousands of companies throughout the U.S. According to the official site of Biz2Credit, the firm “is expanding its industry-leading technology in custom digital platform solutions for leading banks and other financial institutions, investors and service providers in the U.S., India, Australia, and Canada.”
Biz2X, a global SaaS platform that enables financial institutions to provide a customized online lending experience for their small and midsize business customers, is another venture by Biz2Credit. Biz2X is a completely homegrown platform brought into life considering the requirements and targets of the Indian subcontinent. The platform was constructed under the “Make in India” initiative.
The company has also stepped into the markets of Singapore and Dubai and signed contracts with leading Banks in both countries.
Vineet Arora, Global CTO and Country Head, Biz2Credit India said, “The Indian market holds immense potential for Fintech companies like ours and it is extremely important for our next phase of growth. We at Biz2Credit support the government’s mission of the Make in India program by making huge investments in Indian talent and portraying India as a hub of R&D on the global front.
Our employees are our greatest asset, as we are looking for a multifold growth in the coming 10-12 months, we are aggressively hiring for both service-based and technical profiles to strengthen our white-labelled platform.”
Last month, the company in a statement announced bonuses including BMW bikes, cash rewards and other perks for their employees for the appraisal year 2021-22 amidst the Covid-19 pandemic.
In addition to this, the company has also announced that the top performers, who were about 20 per cent of the total employees, will get up to 40 times of their performance-linked incentive, the statement said.