December 8: M1xchange, India’s leading TReDS Platform has been awarded as the best fintech for serving the MSME at an MSME ecosystem award held recently for providing collateral-free early liquidity within 24 hrs through its online bidding platform to Micro, Small, and Medium Enterprises at a competitive interest rate. M1xchange is the only Fintech to receive this award for their constant efforts to help the MSMEs solve their cash crunch & supply chain-financing problems. M1xchange received this award from Honorable Minister of State for MSME Shri Bhanu Pratap Singh Verma.
“The cost of funding outside the banking system is very high for MSMEs. With this unique proposition developed by M1xchange TReDS, MSME enterprises will be able to utilize TReDS for receivables discounting from their corporate buyers at market-determined interest rates using a bidding method in which multiple financial institutions. Corporate buyers in turn will be able to procure at better prices and manage their inventory adequately. I am hopeful this ecosystem will help the MSME and will help the country realize the dream of a five trillion economy. ” said Mr. Sundeep Mohindru, MD & CEO – M1xchnage.
MSMEs are the backbone of the Indian economy and M1xchange with an end-to-end digital process has discounted invoices of over 14,000 MSME suppliers spread over 1,400 towns totaling to over Rupees 38,000 crores until now. TReDS enables the financial inclusion of MSMEs on a high scale, digitally, and with a positive social impact. This financing is without any hard collateral or security and without recourse to MSMEs. This is a highly effective and efficient solution for the credit gap for MSMEs in India and it helps businesses pay off their debts on time.
About M1xchange: M1xchange is a TReDS (Trade Receivables Discounting) platform that started in April 2017. M1xchange facilitates the financing of trade receivables of MSMEs from corporate buyers through ‘factoring’ or ‘invoice discounting’ by financiers (Banks and NBFC). In a short span of time, M1xchange has onboarded 51 Banks, 1,300+ corporates, and 14,000 + MSMEs and has facilitated discounting of invoices more than Rs 38,000 Crores. Transactions on the TReDS platform happens digitally and start when the MSME Supplier of Goods & Services raises the invoice, and the Buyer validates the same. This permits the financiers (Banks/ NBFCs) to bid against the verified and approved invoice. Once the supplier accepts the bid, the payment is processed in 24 hrs. and credited to the MSMEs bank account. Through this platform, M1xchange promises MSMEs greater access to finance” at competitive rates and without providing any collateral.
If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor