Biz2X Hosts Frontiers of Digital Finance Roundtable in Mumbai

In the Mumbai edition of the event, key industry leaders discussed the history, criticality, experience and challenges faced by industry aggregators in working capital management, SME financing options and embedded financing through their platform.

Some of the key challenges that industry aggregators face relates to limited access to needed information, lack of a coherent structure, multiple stakeholders and perspectives, time constraints, requirements of collaterals for MSME loans, insufficient financial expertise, lack of liquidity, limited access to working capital, among many others.

In light with the event, Vineet Tyagi, Global CTO at Biz2X and Biz2Credit, "For Small & Mid-Size businesses, lack of finance or loan options, credit processing time, and inadequate knowledge, can be the utmost drawback to moving forward. So, we with Maadhyam are aiming to provide a comprehensive platform that will facilitate faster disbursement of loans among SMEs by bringing together the aggregators and lenders. As Maadhyam is making India's SMEs Aatmanirbhar.''

Industry leaders such as Akshay Deshmukh, VP - Financial Product & Credit Strategy, Pharmeasy, Sangram Baviskar, Founding Member and Managing Director, Yantralive, Manish Bang, Founder, Yarnbiz, Aditya Shankar, Vice President - Vertical Head - Lending, TradeIndia, Anupama Verma, Strategic Alliance and Partnership, TradeIndia, Shruti Mehrotra, Founder and CEO, Mihuru, Rahul Jain, CFO, NTT Data Payment Services and Saurabh Agarwal, Founder, Trumac participated at the roundtable to discuss and share knowledge on important topics such as 'Providing SMEs in your Ecosystem Credit', 'Lending in the New Regulatory Paradigm' among others. The participating companies also shed light on their plans around partnerships and collaborations.

Speaking at the event, Akshay Deshmukh, VP - Financial Product & Credit Strategy, Pharmeasy, commented, "While aggregation sounds very simple, as in you are aggregating a buyer and a seller but in different industries and in different markets, the ballgame is different altogether. Solving the problem of credit in each of the aggregation market, is in itself a problem. The biggest takeaway for me was how can we collaborate and partner to create an ecosystem where I can aggregate all the aggregators. Create a lending ecosystem for the aggregation business and then its win-win for everybody. I win for myself, I win for everybody."

Shruti Mehrotra, Founder and CEO, Mihuru, "The roundtable conference helped on multiple aspects such as which lenders to approach at which stage of the business to also sharing knowledge and spreading awareness about the kind of product we are developing."

Aditya Shankar, Vice President - Vertical Head - Lending, Trade India, "There are a lot of challenges that aggregators are facing like funding for their customers. This problem we identified a long ago and we have built a product around it. This is very exciting and we felt really confident that we are working in the right direction."

Saurabh Agarwal, Founder, Trumac, "The event has been fantastic with FDF because we have been talking with lot more aggregators regarding how finance works, how fintech companies are getting into it, how is RBI playing a major role in this. We are trying to solve the whole credit problem in this MSME industry."

The company plans to organise similar event every alternate month in Delhi, Mumbai and Bangalore.

About Biz2X

Biz2X is the leading digital lending platform, enabling financial providers to power growth with a modern omni-channel experience, best-in-class risk management tools and a comprehensive yet flexible Servicing engine. The company partners with financial institutions to support their Digital transformation efforts with Biz2X's digital lending platform. Biz2X solutions not only reduces operational expense, but accelerates lending growth by significantly improving client experience, reducing total turnaround time and equipping the relationship managers with powerful monitoring insights and alerts.

About Biz2Credit

Biz2Credit is a digital-first provider of small business funding. Biz2Credit leverages data, cash flow insights, and the latest technology to give business owners an automated small business funding platform. Since its inception, Biz2Credit has been the best place for small businesses to get funding online. With over 750 employees globally, our team - made up of top-notch engineers, marketers and data scientists - is building the next generation in business lending solutions.