Andromeda Announces Strategic Alliance with FinTech provider Biz2Credit to Digitally Enhance its operations in India

Key Highlights:

• Andromeda forges partnership with leading US-based online business lending platform, Biz2Credit
• Collaboration marks foray of Biz2Credit into Indian markets
• Alliance will enable Andromeda to leverage Biz2Credit’s digital technology and patented analytics platform
• Biz2Credit will leverage Andromeda’s expansive sales network to offer its wide array of commercial lending offerings to domestic borrowers

Andromeda Pvt Ltd, one of India’s largest loan distributors, announced a strategic alliance with Biz2Credit, a US-based leading online fintech marketplace and platform for business funding. The collaboration will facilitate Andromeda to leverage Biz2Credit’s financial services technology and patented analytics platform to deliver an innovative and convenient lending experience for borrowers in India.

As India’s leading loan consultancy, which has disbursed loans worth Rs 13,000 Crore last year and is aiming at disbursal of loans worth Rs 18,000 Crore in current financial year, Andromeda has been steadfast in its mission of providing customized solutions to consumers, efficiently and effectively. The alliance with Biz2Credit is an important milestone in this direction. The broad range of lending choices and streamlined processes Biz2Credit currently delivers to borrowers is unparalleled in the US market. The collaboration will enable the company to offer a similar basket of services in India through Andromeda’s expansive sales network.

Further, Biz2Credit will add to the organization’s efficiencies through its hyper-digitalized module. The platform will enable borrowers to complete all documentation pertaining to the loan application steps digitally. Also, loan approval will become much faster owing to the seamless integration with a growing list of lenders already integrated on the platform. In addition, borrowers receive real-time updates on the status of their applications through the online dashboard.

Mr.  V Swaminathan, Founder and CEO, Andromeda, said, “Andromeda has been a disruptor since its inception. Thinking ahead of the curve is in our DNA and setting new benchmarks is a constant practice. The alliance with Biz2Credit is a result of the same ethos: we have come together to disrupt lending markets in India for better customer service levels. The partnership will witness Andromeda leverage Biz2Credit’s patented technology for its expansive network in India. The result will unveil the next phase of growth in India’s commercial lending space.”

“The collaboration with Andromeda marks our entry into the Indian markets and is an important milestone for Biz2Credit. The alliance with one of the most trusted names in the commercial lending segment will create significant value for the customer. Further, the opportunity will provide a quality exposure to the country’s largest borrowers base in the commercial sector,” said Mr. Rohit Arora, CEO & Co-founder, Biz2Credit.

Commenting on the collaboration, Mr. Suresh Mahalingam Director, Andromeda, said, “Our industry leadership is a result of the exemplary service levels rendered by our team. However, as the industry evolves, an offline customer strategy alone cannot respond to intensifying competition. It is imperative for organizations to have a smart digital customer support strategy. The collaboration with Biz2Credit will plug this gap in our service strategy and further sharpen our competitive edge by providing 24X7, mobile-responsive service support to customers”.

About Andromeda

Andromeda Sales and Distribution Pvt Ltd, the largest loan distributor in India, is partnered with some of the biggest financial institutions in the country. A WGC investee company, in its 27 years of operation, Andromeda has disbursed loans worth over Rs.50,000 crore to more than 1,00,000 happy customers. Presently, the company operates out of 65 major Indian cities.

About Biz2Credit

Founded in 2007, Biz2Credit has arranged more than $2 billion in small business financing and has several times been named to Crain’s New York’s Fast 50 and was ranked among the top 200 fast-growing companies on Deloitte’s 2017 Technology Fast 500. Biz2Credit is expanding its industry-leading technology in custom digital platform solutions for leading banks and other financial institutions, investors and service providers in the U.S. Visit www.biz2credit.com & www.platform.biz2credit.com or follow Biz2Credit on Twitter: @Biz2Credit, Facebook, and LinkedIn.