NEW YORK, Oct. 26, 2015 /PRNewswire/ -- Biz2Credit, the leading online platform for small business funding, today announced a partnership with Customers Bank (NYSE: CUBI), a community-based, full-service bank with assets of approximately $7.6 billion, at the Money2020 conference. Biz2Credit will power a fully digital experience for the bank's small business customers and bank staff.
Customers Bank is a pioneer in online and mobile solutions with less focus on the dated branch model. The new platform will allow the bank's small business customers to apply for loans, upload documents, e-sign documents and receive status updates about their loan application via their mobile devices or the main website. The platform also allows customers to monitor their creditworthiness on an ongoing basis through Biz2Credit's Virtual CFO platform.
"Biz2Credit supports the mission of Customers Bank, known for its growth and high touch/high tech approach to providing solutions for their customers' needs," said Rohit Arora, chief executive officer, Biz2credit. "We are excited to launch the first white label solution for a bank's small business customers. We also look forward to helping other financial institutions expand their technology to improve their internal and external small business lending capabilities."
"We believe our partnership with Biz2Credit is the logical next step for us as we continue to focus on customer convenience," said Jay Sidhu, chief executive officer, Customers Bank. "We are committed to providing our customers the technology they need to ensure an effortless banking experience."
Once the platform launches, Customers Bank expects to process 33 percent more applications due to the workflow automation and underwriting efficiencies in the platform. The platform pulls in critical risk-management data for underwriters, including tax transcripts, bank statements, credit reports, and conducts compliance checks against Secretary of State, OFAC, and other sources.
The project will launch in early 2016.
Founded in 2007, Biz2Credit has arranged more than $1.2 billion in small business funding throughout the U.S. and is widely recognized as the leading online resource for small business lending. Using the latest technology, Biz2Credit matches borrowers to financial institutions based on each company's unique profile – in a safe, efficient and price-transparent environment. Biz2Credit's network consists of 1.6 million users, credit rating agencies such as D&B and Equifax, and trusted small business service providers including CPAs and lawyers. Visit www.biz2credit.com, follow on Twitter @Biz2Credit, and Facebook at www.facebook.com/biz2credit.
About Customers Bancorp, Inc. and Customers Bank
Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $7.6 billion. A member of the Federal Reserve System and with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Hampshire and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Concierge Banking® by appointment at customers' homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.
Customers Bancorp, Inc.'s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the company's website, www.customersbank.com.