Bizongo unveils business financing app ‘Next by Bizongo’ for MSMEs
By Delisha Fernandes
Bizongo, a vendor digitisation and embedded finance platform, has launched Next by Bizongo, a business financing app for MSMEs, SMEs and large Enterprises.
The technology company aims to increase disbursements via the platform by over $3 billion in four years. Next by Bizongo is now available on the Google Play Store. In its first phase, the App will offer frictionless embedded financing in the form of supply chain finance, business loans, capex loans, factoring and structured finance to over 14,000+ manufacturers through 30+ Banks and NBFCs.
Sachin Agrawal, Co-founder & CEO, Bizongo said, “The integration of technology into various aspects of operations has become not just a necessity but a key differentiator for growth and sustainability of MSMEs. While the sector is showing an increased inclination to adopt mobile first solutions and remain agile, there is a scarcity of digital solutions that cater to the business needs of small enterprises. With vendor digitization as our focal point, we are delighted to launch Next by Bizongo, which will accelerate business growth for MSMEs at the click of a button and support banks with fast decisioning, processing, and disbursements.”
Next by Bizongo enables small enterprises with easy application for credit, effortless documentation and access to collateral-free credit on the go. The app powers businesses to apply for credit to 30+ financial institutions in one go and auto-fetches data for verification to reduce time and effort in seeking working capital.
For Banks, NBFCs and other Financial Institutions, Next by Bizongo, creates an opportunity to increase their priority sector loan book by quicker access to authentic documents. It also provides visibility into business transaction data to validate credibility of the credit seekers. The platform expedites the entire credit lifecycle from origination to sanctioning and monitoring.
In the coming quarters, Next by Bizongo will introduce a consolidated platform for all commodities related needs, including live prices, discovery of raw material suppliers, order placement, raw material tracking, or getting live trends and news on raw materials.
Tashwinder Singh, CEO of Niyogin Fintech, said, “Historical bank and financial data is frequently the basis for traditional credit assessments for SMEs, which is not always the best approach for making accurate credit decisions. SMEs’ operational and financial behavior is accurately reflected in the real transaction data provided by Next by Bizongo. This calms decision-makers’ concerns about possible NPAs while also boosting their confidence on differentiated underwriting.”
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