M1xchange raises USD 10 million led by Amazon ANI | Updated: Apr 15, 2021 17:11 IST
New Delhi [India], April 15 (NewsVoir): M1xchange has raised USD 10 million in its current funding round, which was led by Amazon and had participation from BEENEXT and existing investor Mayfield.
M1xchange is the leader amongst the holders of the three Trade Receivables Discounting System (TReDS) licenses issued by RBI, in terms of cumulative value of invoices discounted. Since the launch of the exchange, a little over 3 years ago, M1xchange has discounted invoices totaling USD 1.7 billion across 10,000 MSME suppliers. These suppliers access the website from 352 cities digitally to finance their receivables and enjoy a rate of interest that is 6%-10% per annum; which is lower than the bilateral funding rate available outside M1xchange.
M1xchange launches the first TReDS mobile application in India
Kolkata, Feb 16 (UNI) M1xchange, among the three official license holders in India to set-up a digital marketplace that can sell the receivables of MSMEs to banks/NBFCs to facilitate the discounting of invoices and bills of exchange on a PAN India basis has just launched its mobile application.
The first among all three players to launch an Android based application on Friday, 12 February, 2021. M1Xchange App can be downloaded from Google Play store (For Android Users).
o This gives freedom to users for transaction while on the move and removes the restriction of being connected to the computer for the transactions.