Bank of Baroda partners with Invoicemart as a TReDS partner
Mumbai, January 16, 2018: Invoicemart, India’s leading digital invoice discounting marketplace by A. TREDS Ltd, a joint venture between Axis Bank Ltd and mjunction services ltd, has tied up with leading PSU bank, Bank of Baroda (BoB) to discount invoices for MSMEs. The partnership with Bank of Baroda will now provide buyers and sellers registered on Invoicemart with a variety of options.
With this partnership, BoB now joins other leading financial institutions that are on board with A. TREDS Ltd as financiers. BoB is one of India’s leading public sector bank which has stepped up its focus on supply chain financing, whereby it will provide loans to MSMEs associated with large corporates.
TReDS is an online mechanism that helps MSMEs unlock working capital without the hassle of applying for loans. A solution which gives MSMEs control over their financial health and enables them to focus on growing their business.
Speaking on this occasion, Mr. Kalyan Basu, CEO & MD, Invoicemart said, “Financiers are a crucial element of the factoring ecosystem and provide the much needed working capital to MSMEs registered on our platform. We are privileged to be associated with Bank of Baroda as one of our financers and we look forward to their invaluable support in our endeavour to strengthen our industry.”
Globally factoring is a USD 2849 billion industry with India forming miniscule part of it at USD 5.2 billion. Recently Government of India advised all public sector banks and undertakings to get registered on TReDS platforms. This move opens the way for Indian SMEs and MSMEs to obtain the much needed trade finance.
Invoicemart, a TReDS (Trade Receivable Discounting System) platform is a digital invoice discounting marketplace by A. TREDS Ltd, a joint venture between Axis Bank Ltd and B2B e-commerce company mjunction services ltd. It is a platform which connects MSME suppliers (sellers) and their corporate buyers to multiple financiers. This platform enables discounting of invoices of the MSME sellers raised on large buyers, through a transparent bidding mechanism that ensures financing of receivables at competitive market rates.
The platform allows MSME suppliers to avail finance quickly and at competitive interest rates which in turn helps increase their working capital efficiency without impacting their relationship with buyers.
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