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C2FO Becomes First US-Based Fintech to Launch National MSME Funding Platform in India

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C2FO has unveiled the debut of C2treds, its pioneering national platform aimed at broadening access to working capital for all micro, small, and medium enterprises (MSMEs) in India. This development positions C2FO as the latest and sole US-based fintech to participate in the Trade Receivables Discounting System (TReDS), distinguishing itself as the first platform of its kind offering both Early Pay and TReDS benefits to Indian MSMEs.

C2treds, an RBI-approved TReDS platform by C2FO, marks a significant advancement for the world’s on-demand working capital platform.

The growing attention toward C2FO from global organizations underscores its unique capabilities in addressing the requirements for sustainable and inclusive global economic growth. At the 2023 G20 Summit in New Delhi, a major policy paper presented by the Business 20 (B20) cited C2FO as a key driver in enhancing access to capital, crucial for the prosperity of businesses and supply chains. This marks the second consecutive year that C2FO has received such recognition at the G20 Summit.

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CEO and founder Alexander “Sandy” Kemper was a featured panelist and speaker at the 2023 Global SME Finance Forum in Mumbai, India. He discussed the importance of providing capital to small and midsize firms globally and outlined how C2FO can contribute to realizing this vision. C2treds represents a significant step toward fulfilling C2FO’s vision.

TReDS serves as an electronic platform facilitating the financing and discounting of MSMEs’ trade receivables through multiple financiers. C2treds is only the fifth entity to receive approval from the Reserve Bank of India (RBI) to date.

C2treds commenced operations in early May in collaboration with India’s largest bank, State Bank of India (SBI), with Dabur India Ltd. among its inaugural participants.

“We are committed to addressing the challenges faced by MSMEs in every nation,” stated Basant Kaur, C2FO’s Country Head in India. “The nearly 200,000 suppliers currently on our network in India recognize that partnering with C2FO means collaborating with a globally recognized leader committed to fostering opportunities for businesses. By providing liquidity through C2treds and C2FO, businesses, especially MSMEs, will contribute to and create thousands of jobs crucial for countries like India to sustain their rapid economic growth.”

Following its first-quarter reporting, C2FO also announced surpassing a significant milestone of over $350 billion in working capital funding to suppliers worldwide since 2010. During this period, the fintech facilitated $17 billion in early payments, with $1.4 billion directed toward women- and minority-owned businesses.

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Source: prnewswire.com

The post C2FO Becomes First US-Based Fintech to Launch National MSME Funding Platform in India appeared first on HIPTHER Alerts.

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Agora acquires Clearshift’s real estate division

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Agora, a provider of real estate investment management solutions, has acquired Clearshift’s real estate division to “reinvent cross-border payments in investment management.”

The division has utilized Clearshift’s international payments infrastructure to facilitate mass payouts and capital investments between foreign investors, asset managers, real estate property managers, and fund administrators.

While the financial details of the acquisition remain undisclosed, Agora will now serve as the division’s primary client-facing interface, offering “user-friendly investment management tools.” Clearshift will retain responsibility for payment execution and compliance functions.

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For existing Clearshift clients, this integration into the Agora platform promises “enhanced capabilities.” Agora’s clients, not currently subscribed to Clearshift, will gain “a transparent solution to foreign exchange activity” that enables “seamless distributions and contributions in any currency worldwide.”

Ari Dobner, CEO of Clearshift, noted, “After years of refining our fund manager payment solution, it became clear to us that our clients would truly benefit from a full investor management solution with seamless payment integration.”

Bar Mor, co-founder and CEO of Agora, added that the acquisition will enhance their platform with “streamlined and cost-effective international payments,” leveraging the “substantial customer overlap between Agora and Clearshift.”

This acquisition follows the recent closure of Agora’s $34 million Series B funding round, backed by Qumra Capital, Insight Partners, and UK-based investment firm Aleph.

Source: fintechfutures.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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