M1xchange plans expansion in West Bengal
Kolkata/IBNS: M1xchange, which is one of India’s leading Trade Receivables Discounting System (TReDS) platforms approved by the Reserve Bank of India (RBI), has planned an expansion in West Bengal.
Until now, M1xchange says it has processed invoices worth more than ₹2 lakh crore, working with 60,000 MSMEs, 3,000 corporates, and 69 financiers.
Kaustubh Srivastava, Senior Director of M1xchange, said, "With MSME credit in Bengal likely to cross ₹2 lakh crore soon, M1xchange is committed to supporting this growth.
"The state government’s push for digitization and credit access is encouraging, and we are excited to help MSMEs with quick, collateral-free financing."
About M1xchange
Started in 2017, M1xchange is an online platform where MSMEs raise invoices once their buyers approve them.
Banks and NBFCs then bid to finance these invoices, and the money is transferred to the MSME’s account within 24 hours.
This system helps MSMEs improve cash flow at competitive rates and without collateral, while transferring the risk of delayed payments to financiers.
(Reporting by Rishika Sharma, Photos by PR)
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