Attributes 242% Percent Revenue Growth to Smart Lending Automation, Global Software Sales
NEW YORK, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Biz2Credit today announced it ranked No. 335 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America.
Biz2Credit CEO Rohit Arora credits rapid advances in technology and a track record of success in the FinTech small business lending space with the company's 242% revenue growth.
"It is an honor to again be recognized among the Deloitte Technology Fast 500 winners in 2018," said Rohit Arora, who co-founded the company with his brother, Ramit, in 2007. "Being in this list is a testament to the hard work of everyone at Biz2Credit not only during the past year, but also through our entire decade of growth."
"Congratulations to the Deloitte 2018 Technology Fast 500 winners on this impressive achievement," said Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader. "These companies are innovators who have converted their disruptive ideas into products, services and experiences that can captivate new customers and drive remarkable growth."
"Software, which accounts for nearly two of every three companies on the list, continues to produce some of the most exciting technologies of the 21st century, including innovations in artificial intelligence, predictive analytics and robotics," said Mohana Dissanayake, partner, Deloitte & Touche LLP, and Industry Leader for technology, media and telecommunications, within Deloitte's audit and assurance practice. "This year's ranking demonstrates what is likely a national phenomenon, where many companies from all parts of America are transforming the way we do business by combining breakthrough research and development, entrepreneurship and rapid growth."
These software innovations have been a main driver of the New York City-based FinTech provider's growth. Biz2Credit's small business lending platform uses artificial intelligence and predictive risk analytics to deliver more accurate lending decisions for banks and financial institutions lending to SMBs.
Biz2Credit previously ranked 173 as a Technology Fast 500™ award winner for 2017.
Overall, 2018 Technology Fast 500™ companies achieved revenue growth ranging from 143 percent to 77,260 percent from 2014 to 2017, with median growth of 412 percent.
About Deloitte's 2018 Technology Fast 500™
Deloitte's Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2014 to 2017.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
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. The platform is SOC 2 and ISO 27001 certified and runs on Amazon Web Services with 99.9% availability. Visit platform.biz2credit.com or follow Biz2Credit on Twitter: @Biz2Credit, Facebook, and LinkedIn.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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