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C2FO Becomes First US-Based Fintech to Launch National MSME Funding Platform in India
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.
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.
Source: prnewswire.com
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