A startup that helps fund other startups just secured some funding of its own.
This week, Biz2Credit announced that it closed a $52 million Series B funding round.
Biz2Credit has created an online platform that helps financial institutions manage the lending process for small and medium-sized businesses. So far, the company has assisted in lending over $2 billion to small and medium businesses.
To do so, the company has partnered with major banks and lenders, such as HSBC Bank Canada.
The company is planning on using its Series B funding to expand its platform, Biz2X, and grow the company as a whole. Biz2X is currently deployed in only four markets, including the United States and Canada, but the company is looking to use the new money to accelerate worldwide adoption.
WestBridge Capital led the funding round.
“Their investment will allow us to continue to hire the best people and maintain our position as the industry leader and innovator in online lending technology and operations,” said Ramit Arora, president and co-founder of Biz2Credit, in a statement.
