Biz2Credit, the leader in online small business finance, unveiled new branding for Biz2X, its global SaaS platform to enable financial institutions to provide a customized online lending experience for their small and midsize business customers.
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The Biz2X Platform has been an instant hit with banks who needed to convert their lending operations to digital almost overnight because of the coronavirus pandemic and the launch of the Paycheck Protection Program (PPP), which has provided access to capital for more than 5 million struggling businesses during the pandemic.
The platform is the natural outgrowth of Biz2Credit’s established leadership in digitization of the loan application process. Biz2X has been adopted by partners including HSBC, Popular Bank, ACAP and AICPA’s CPA.com, which all have chosen Biz2X to launch new online lending initiatives.
Since the Federal Government passed the CARES Act in March in response to the pandemic, Biz2X has been the platform of choice for many institutions trying to manage the complicated PPP loan application and loan forgiveness processes. With enhanced loan management, servicing, risk analytics and a configurable customer journey, Biz2X is helping banks like these run their lending operations more efficiently on a large scale.
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“With the branding announcement today, our company is signaling its intention of continuing our leadership in the FinTech software-as-a-service (SaaS) space,” said Biz2Credit CEO Rohit Arora, whose company launched the Biz2X Platform 18 months ago. “The new branding for Biz2X reflects the importance of the software part of our business, which has boomed this year. We are making a strategic commitment to being a trusted FinTech platform provider to banks both large and small.”
Since early 2020, more than 50,000 loan applications have flowed through Biz2X to lenders, streamlining the PPP lending and forgiveness process for these government-backed loans for small businesses.
“No one is integrating banks and digital platforms as effectively as Biz2Credit’s Biz2X Platform has done,” Arora added. “The technology incorporates the requirements of not only PPP loans, but also the SBA’s popular 7(a) and 504 loans in order to streamline the processing of these business loan applications.”
