Bizongo launches loan app Next for businesses
时间:2024-09-29 04:21:35 阅读(143)
Vendor digitization and embedded finance startup Bizongo has launched its new app Next to finance MSMEs and large enterprises, it announced on Tuesday. The company said it will aim to increase loan disbursements through the app by more than $3 billion in four years. The embedded financewill cater to the requirements of supply chain finance, business loans, capex loans, factoring and structured financein the first phase to more than 14,000 manufacturers through over 30 banks and non-banking financial companies (NBFCs).
“Nextby Bizongo enables small enterprises with easy application for credit, effortless documentation and access to collateral-free credit on the go,” the company said. For lenders, it would help them in increasing their priority sector loan book. The app offers enables visibility into business transaction data to validate credibility of potential borrowers.
In the coming quarters,the app will launch a consolidated platform for all commodities-related needs such as live prices, discovery of raw material suppliers, order placement, raw material tracking, or getting live trends and news on raw materials.
The concept of embedded finance refers to the integration of financial services and products into non-financial platforms and applications instead of using standalone financial applications. This integration allows consumers to access financial services as part of their overall experience with a particular platform or service.
For example, instead of going to a traditional bank or financial institution to apply for a loan, embedded finance allows users to apply for a loan directly within a e-commerce platform, social media app, or any other non-financial service they regularly use.
In November last year, Bizongo had acquired factory digitisation app FactoryPlus to boost its AI offerings to enterprises such as factory inventory management, real-time raw material prices, news feed, and digital catalogues.
The startup had last raised $50 million in October 2023 from Schroder Adveq, IFC, Chiratae Ventures, B Capital and British International Investment. The company had reportedly fired around 50 employees during the same month.
上一篇:Tata group stock gearing for gains, charts show; share price may rally 14% in 3 months
下一篇:Wipro, MOFSL among 61 NSE stocks to touch 52-week lows; 17 hit 52-week highs
猜你喜欢
- Patanjali eyes 5 IPOs in 5 years
- Tata Tech IPO subscribed 69
- Paytm to buy back shares at up to Rs 810
- Paytm shares fall nearly 2% after board approves share buyback plan- Should you buy, sell or hold-
- Tanker in Gulf of Oman boarded by men in military uniforms in apparent seizure in Mideast waters
- Stocks to Watch- Marico, TVS Motor, Castrol India, UPL
- Stocks To Watch- Adani Enterprises, Kalyan Jewellers, Hindustan Unilever, Dr Reddy’s, MOFSL, ABB India
- Tax uncertainty makes REIT, InvIT investors wary
- Oilmeals export up 71 pc in August to 2,82,498 tonnes