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Bizongo unveils mobile app ‘Next by Bizongo’ for sourcing and business financing needs of MSMEs

ISN Team
New Update
Next by Bizongo

Bizongo, a vendor digitization and embedded finance platform, has launched 'Next by Bizongo', a comprehensive business financing app designed for MSMEs, SMEs, and large enterprises.

The technology-driven initiative aims to facilitate over $3 billion in disbursements within four years.

According to the company's statement, the app is currently available on the Google Play store, 'Next by Bizongo'.

Offering a range of financial services 


The app offers a range of financial services, including supply chain finance, business loans, capex loans, factoring, and structured finance. It connects over 14,000 manufacturers with more than 30 banks and NBFCs.

The app simplifies the credit application process, offering easy documentation and access to collateral-free credit. It allows businesses to apply for credit from multiple financial institutions simultaneously, using auto-fetch technology for data verification, thereby reducing the time and effort required to secure working capital.

Offerings for banks, NBFCs, and financial institutions 

'Next by Bizongo' provides significant benefits for banks, NBFCs, and other financial institutions. It offers a streamlined process for increasing their priority sector loan book and provides access to authentic documents and business transaction data.

The visibility into the credit seekers' credibility aids in faster credit decision-making, processing, and disbursement, the company said.

The changing landscape for Indian MSMEs

The launch of 'Next by Bizongo' comes at a time when Indian MSMEs are increasingly adopting mobile-first platforms for their operations.

Despite previous challenges, such as low digital literacy and a lack of available solutions, the trend is shifting as smartphones become more prevalent in tier 2 and 3 cities.

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."

Future plans

'Next by Bizongo' plans to introduce a consolidated platform for all commodities-related needs, including features like live prices, discovery of raw material suppliers, order placement, tracking, and access to trends and news on raw materials.

The CEO of Niyogin Fintech, Tashwinder Singh, 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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