M1xchange Expands Digital Bill Discounting to Empower MSMEs
M1xchange, a digital invoice discounting platform, aims to boost MSME growth by expanding its reach and facilitating their working capital needs. The platform, supported by 69 banks, has already served over 60,000 MSMEs with a cumulative transaction volume of Rs 2 lakh crore, including significant activity in West Bengal.
- Country:
- India
M1xchange, a digital invoice discounting platform with TreDS, announced plans to expand its support for MSMEs by enhancing their working capital access through the platform. With a track record of serving over 60,000 MSMEs, M1xchange is onboarding around 12,000 new medium, small, and micro units each month.
Kaustubh Srivastava, Senior Director, highlighted the RBI's 2017 approval for digital bill discounting, which is meticulously monitored by the central bank. The platform sees participation from 69 banks, including nationalized, private, and foreign lenders, in financing these MSMEs through a competitive bidding process when the invoices are uploaded.
The platform also boasts the involvement of 3,000 corporations rather than just banks and NBFCs, facilitating substantial monthly digital bill discounting transactions worth approximately Rs 10,000 crore. Significant transactions have been reported across key states, with notable penetration in West Bengal.
(With inputs from agencies.)
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