Mumbai, September 1, 2016 – Biz2Credit, a leading U.S.-based online marketplace for small business finance, today announced that it has partnered with Kotak Mahindra Bank, India’s fourth largest private sector bank. This alliance will focus on expanding access to salaried individuals for Personal Loans.
Through this arrangement, Kotak Mahindra Bank will leverage the acquisition channels and innovative FinTech software developed by Biz2Credit in India. Thus, financing will become more easily available to thousands of salaried individuals. Since its inception in 2007, Biz2Credit has provided more than $1.4 billion in financing to thousands of companies in the United States.
Kotak Mahindra Bank, having total assets of INR 1,898.20 billion ($ 28.1 billion; $ 1 = INR 67.62) as on June 30, 2016, will start leveraging the Biz2Credit platform and alliances to increase its Salaried Personal Loan book.
“The banking sector in India – Asia’s fastest growing major economy – is the lifeline for many start-up businesses and supporting these financial institutions will be essential for progress, especially for those in rural and remote areas,” said Rohit Arora, CEO of Biz2Credit, an Indian-born immigrant. “We are excited to partner with Kotak Mahindra Bank. This alliance will effectively improve the access to loans in India.”
Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank said, “We look forward to providing high-quality financial solutions to our clients with through this alliance with Biz2Credit, a trusted partner with global expertise.”
Financing on Biz2Credit’s platform ranges from $1,500 to $90,000 and can be coordinated in as little as 24 hours for personal loans, working capital, commercial real estate and other uses.
