San Diego, CA (June 10, 2017) – BizX, a financial technology company based in Seattle, is expanding its network into the Greater San Diego area bringing in new opportunities for local business owners. BizX plans to generate an incremental $12M in economic activity for small and medium-sized businesses in the region. Central to this ambition is a unique line of credit process which makes capital available to the business owner, at no interest, and to be paid back with future sales from other BizX members.
“The BizX community makes it possible for local business owners to get the things that they need, by leveraging what they have. By agreeing to accept BizX dollars as payment from other members for goods and services, BizX members earn new and incremental revenue. This revenue is spent back within the network for things that business needs. Our purpose is to improve the lives and businesses of our members and we’re thrilled to be here in this wonderful city,” says Bob Bagga, CEO of BizX.
BizX’s launch into San Diego marks an exciting time for the company, being the first milestone kicking off their national expansion plan. BizX currently operates in Seattle, San Francisco and Dubai, and is comprised of thousands of businesses who engage within the community through trade.
Mike Cully, CEO of the North County Economic Development Council in San Diego, believes the local economy will thrive with BizX. “BizX brings a whole new dimension of doing business to the area, and it can only enhance our growing economy as more and more businesses realize the potential of this significant market,” says Cully.
BizX has already helped thousands of local business owners create jobs, expand operations and grow their local economies. BizX members have conducted over $700M in cashless transactions on the Company’s digital and mobile platforms, resulting in more than $300M in cash savings. San Diego businesses now have the opportunity to participate in this powerful collaborative community, resulting in enhanced connectivity, new customers, and more cash in their pocket.
Mike Glickenhaus, President of the Broadcasting Company of the Americas, has big plans. “The BizX network will enable us to earn incremental advertising and sponsorship revenue, and to offset cash expenses by spending that new revenue with other members. We look forward to being a part of BizX.”
BizX’s Chief Growth Officer, Daniel Kosh says, “BizX is the ultimate pay-it-forward economy, each member equal parts buyer and seller, colleagues supporting each other’s success. We believe that when you bring local business owners together, magic happens. We host the BizX network to inspire collaboration, and we supply the BizX currency as a tool to help these businesses unlock their potential. But the magic, that all happens between the members”
About BizX: BizX is a community of thousands of local business owners who engage and leverage one another within the BizX network, and a tool called the BizX dollar, which enables them to buy from and sell to one another without spending cash. Since inception, BizX members have completed $700M in transactions on the Company’s digital and mobile platforms. The BizX community, comprised of over 5000 members, is largely comprised of Small and medium sized businesses, but also includes national such as INC magazine, Oakland A’s, Dell Technologies, CBS Radio, Habitat for Humanity, and thousands of independent local businesses. Founded in 2002, BizX serves communities in Seattle, San Francisco, San Diego, and Dubai.