New Delhi, 21st June 2023: M1xchange by Mynd Solutions a leading Trade Receivable platform in India has successfully established an exclusive Supply Chain Finance Marketplace system for Fiducia Data Services, a company based out of Nigeria to allow MSMEs faster access to working capital. The platform is aimed to deliver liquidity to MSMEs from across industries in the geography within 48hours fostering a future where effortless transactions and rapid growth are within reach of everyone.
India’s fintech sector is expanding its footprint globally. M1xchange’s leading-edge technology solution will transform supply chain financing on large scale empowering small and medium businesses to optimize working capital, unlock liquidity, and create seamless financial ecosystems enhancing their productivity, competitiveness, and sustainable growth.
“M1xchange technology platform is modular and can be configured to comply with requirements of Nigeria. We are excited on the launch of Fiducia Data services in a limited time of 6 months fueled by our unique technology. M1xchange platform has integrated with local bureaus and related platforms of the country for enabling KYC requirements of the country. Together we will strive to empower MSMEs in the Nigerian business ecosystem and drive progress. Being a leading Trade Receivables Discounting System platform in India, we are expanding horizons and poised to establish Supply Chain Finance Marketplace Platform across different parts of globe” said Mr. Sundeep Mohindru-Promoter and Founder of M1xchange.
The CEO of Fiducia, Mr. Imohimi Aig- Imoukhuede, in his statement on the launch of Fiducia and the partnership with M1xchange, said “Fiducia is founded with the express purpose of levelling the playing field for business owners in Africa by unlocking the value of their supply chains. Today, Fiducia is successfully driving inclusive GDP growth by broadening financial inclusion – as a much wider pool of small and mid-sized businesses enter Africa’s financial markets on the same terms and rates previously only available to large corporates. We are really glad to be able to provide this important solution with the support of M1xchange.”
About M1xchange: M1xchange is a TReDS (Trade Receivables Discounting) exchange 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 53+ Banks/NBFCs, 1,300+ corporates, and 18,000 + MSMEs and has facilitated discounting of invoices more than Rs 55,000 Crores. Through this platform, M1xchange promises MSMEs greater access to finance” at competitive rates and without providing any collateral. Further, the financing is without recourse. MSMEs pass on the risk of receivables to the financiers (NBFCs/Banks) by selling their receivables.