TReDS platform M1xchange secures USD 4.5 mln investment

Friday 18 December 2020 14:49 CET | News

Reserve Bank-approved TReDS platform M1xchange has raised USD 4.5 million in equity round funding from Singapore-based BENEEXT Asia and Mayfield.

Founded in 2017 under licence from RBI, M1xchange has scaled up to discount invoices worth more than INR 10,000 crore. Some of their USPs include being a bank agnostic platform with 35 banks on-board. The company considers that ‘the pandemic has had a profound effect on supply chains, businesses, and economies. In the last few months, the substantial positive movement has been felt for growth in business volumes versus the previous quarter and this is also reflected in the surge in volumes on M1xchange (TReDS), according to

‘MSMEs across 352 Cities have logged into TReDS Platform since Pandemic time and have discounted invoices at a rate of interest ranging between 4.75% pa to 8% pa. 60% of such MSME enterprises are from Tier 3 & Tier 4 Cities and can take the benefit of this digital revolution. In coming days, this secured marketplace for receivables financing will be integrated with other government digital initiatives’, the statement continued.

M1xchange plans to utilise the investment over a few years to enhance its market reach and further evolve the technology for ease of use. The newer models of Supply chain financing and the resultant technology will be deployed in coming months of 2021.

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Keywords: tReds, M1Xchange, investment, RBI, Reserve Bank, Singapore, BENEEXT Asia, Mayfield, SCF, supply chain finance, licence, MSME
Categories: Banking & Fintech
Countries: India
This article is part of category

Banking & Fintech