The partnership seeks to transform the way SMEs in emerging markets access affordable and scalable funding solutions
FinTech BizNews Service
Mumbai, 28 November, 2024: Mynd Fintech, a subsidiary of M1xchange and prominent digital lending marketplace has deepened its collaboration with Fiducia Data Services Limited (“Fiducia”), Nigeria’s leading digital supply chain financing platform. Building on their successful partnership that began in 2022, the two companies are set to extend their innovative supply chain financing solutions across Africa and the Caribbean.
Leveraging on M1xchange’s TReDS platform expertise, Fiducia Data Services Limited launched the Fiducia platform in 2023 to address liquidity challenges in the Nigerian market. Working together with Mynd Fintech, Fiducia will launch its supply chain finance solutions in new markets across Africa and the Caribbean in 2025.
The latest milestone in this collaboration was marked on November 28, 2024, during a strategic visit by Fiducia's delegation to M1xchange’s headquarters in Gurgaon, Haryana, India. The visit culminated in the signing of an agreement to strengthen the partnership and explore customized solutions for new markets. This initiative highlights a commitment to co-creation, with both companies focusing on tailored financing models to address the unique needs of SMEs in each region.
Sundeep Mohindru, Promoter and Director of M1 Group, said: “Our partnership with Fiducia underscores our commitment to redefining supply chain financing for underserved markets. By combining M1xchange’s technology expertise with Fiducia’s market insights, we aim to deliver efficient and scalable financing solutions to SMEs across Africa and the Caribbean. This expansion builds on the success of India’s fintech sector in addressing global SME financing needs, empowering businesses to thrive in competitive economies.”
Chukwuka Amadife, Chief Operations Officer of Fiducia, stated: “This partnership signifies an exciting chapter in Fiducia’s journey. After successfully launching a digital marketplace in Nigeria, we are set to unlock new opportunities for SMEs across Africa and the Caribbean. In partnership with world-class financial institutions, Fiducia is well-positioned to deliver innovative financing solutions and accelerate the adoption of its marketplace platform in emerging markets. Our collaboration with Mynd Fintech will enhance our digital resilience, drive operational growth, and provide sustainable financial solutions for businesses in these key markets.”
Driving Economic Empowerment Across Borders
Having successfully financed $14 billion in invoices in India, M1xchange is bringing its proven digital supply chain financing model to the global stage. By aligning with Fiducia, a platform built on Mynd Fintech’s cutting-edge technology, the partnership seeks to transform the way SMEs in emerging markets access affordable and scalable funding solutions.
The Mynd Fintech- Fiducia partnership aims to address the unique challenges faced by SMEs in accessing liquidity, fostering trade, and enabling operational efficiencies. This collaboration will combine Fiducia’s marketplace expertise with Mynd Fintech’s advanced technology to jointly create impactful solutions for businesses, enabling sustainable growth and economic empowerment in Africa and the Caribbean.
With plans to go live in the target countries by 2025, the partnership is poised to drive innovation, trade, and economic development in these regions, demonstrating a long-term commitment to financial inclusivity and empowerment worldwide.
