Since its inception in 2017, M1xchange has covered invoice discounting worth INR 80,000 crore
FinTech BizNews Servixe
Mumbai, 09 February 2024: M1xchange, a leading trade receivable discounting system (TReDS) platform, has signed a memorandum of understanding (MoU) with the Government of Maharashtra on 8th February 2024 to bolster the financial health of Micro, Small, and Medium enterprises (MSMEs) working with the state government by providing the MSMEs with invoice discounting services.
The partnership envisions targeted initiatives to enhance financial access for local MSMEs, facilitating their growth and sustainability. Through TReDS, MSMEs get access to working capital against invoices within 24 hours at the lowest rate through its online bidding platform, collateral free and without recourse on MSMEs and offers end-to-end digital experience to them.
A key component of this collaboration is the launch of an extensive awareness program, conducted jointly by the Government of Maharashtra and M1xchange, across various industrial clusters in the state. The program aims to educate and encourage MSMEs to register on the M1xchange platform, offering them a robust solution for easy access to working capital.
Minister for Industries, Government of Maharashtra, Uday Samant stated that “The Government of Maharashtra is pleased to partner with M1xchange and this engagement will provide the necessary hand-holding support and guidance to the MSMEs of the state. The state has taken various initiatives to provide the required support for MSMEs to expand their operations and become inspiring examples for others to follow.”
Sundeep Mohindru, Promoter & Director, M1xchange said, “Our collaboration with the Government of Maharashtra will foster financial inclusivity and resilience among MSMEs. We aim to empower local businesses with access to quick, cost effective and timely working capital solutions to drive economic growth, and contribute to the overall prosperity of the state.”
The success of M1xchange is driven by an in-house technology platform that is available across the web and mobile. The entire process of customer onboarding, factoring, settlement etc. is digital and enables a world-class experience for each participant.
Since its inception in 2017, M1xchange has covered invoice discounting worth INR 80,000 crore. In FY23, the total value of invoices processed by the company increased by 83% to INR 23,000 crore, compared to INR 12,600 crore in FY22. With this partnership, the fintech company aims to reach a record value of INR 45,000 crore invoices by the end of FY24.
