Biz2credit Perfectly Positioned in middle of SMB Market: Rohit Arora
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. The company is known for its products BizAnalyser and Small Business Lending Index.
Rohit Arora, CEO and co-founder of Biz2Credit, tells us more regarding the company and its plans. Excerpts:
BW CIO: How is the Indian market scenario faring in comparison to the west?
Rohit Arora: In India the SMB market produces close to 40 percent of the GDP. That’s a massive contributor to the economy, and we expect that number to remain strong for years ahead. With 30 million SMEs in India, policymakers are paying attention to the market and doing everything they can to open up access to financing for so many of those businesses. We are perfectly positioned to be right in the middle of that growth for the long-run.
This foundation in the SME market is already allowing us to expand operations into new marketspace. We have already launched a lending platform to the Indian market in conjunction with the largest DSA in the country. We feel that our current business model is very sustainable. We’re building on a foundation that is rock-solid, in fact.
BW CIO: How are fintech firms plugging the gap in SME lending scenario?
Rohit Arora: Self-employed (sole proprietor) business owners, who are using their own personal credit to borrow on behalf of their businesses, is a common situation in India. It's also a major reason that FinTech is needed so badly in these markets.
We bring simplicity and intelligence to the convoluted and outdated process that too many small businesses are facing, and help consumers who want to be in business for themselves take advantage of the financial tools that will help them succeed. Especially as things convert to digital, we are in a pivotal position to help grow the share of Indian businesses who have access to financial support.
BW CIO: Does the company have its own lending plans in India?
Rohit Arora: Our approach for India is to provide the world's best technology to our close partners in the market. We are already supporting billions of dollars in loans to Indian businesses through our software, and we expect to grow this as our financial partners in the country continue to expand and grow their own offerings.
BW CIO: What kind of solutions is still missing from the system and their utility
Rohit Arora: Biz2Credit offers a fulfilment platform for small business lending that connects borrowers and lenders on a single platform. This is a simple concept, but it’s revolutionary. Every aspect of the process is tightly integrated to every other part. It makes it possible to have a simple, quick and fun (if we do say so ourselves) user experience while still reducing risk for lenders.
And, it means that pricing can be refined so that clients are always getting the best deal possible - not a padded rate that could leave them scrambling to cover their payments.
Where we still have room for improvement, and where all fintech companies still do in fact, is in the machine learning capabilities that will power artificial intelligence and bring smart answers to customers' biggest questions automatically. We have already begun the journey to an artificial intelligence powered system, but the underlying technology is still in its early days. Look for more innovation in this area, and we plan to be leaders.
