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).
Esteemed user Naresh Gupta, from Navin Urja Construction Company says “Never thought such an important helping hand for a business can come wrapped in the form of an amazing, user-friendly, and fast mobile app. Great job M1 team”.
Sundeep Mohindru, CEO of M1xchange says, “We are continually exploring means of seamless transaction processes on our platform. The Covid affected economy saw increased adoption of digital platforms which helped improve volume in 2020 after the lockdown.MSMEs are getting invoices discounted on M1xchange at very fine rate of interest and this is helping to bring down their cost of doing business substantially. With mobile app they will feel the enhanced speed of doing transactions. .”
MSMEs across 352 Cities have logged into TReDS Platform since the pandemic/ outbreak and have discounted invoices at rate of interest ranging between 4.75% pa to 8% pa.
M1xchange has scaled up to discount invoices worth more than Rs 10,000 crore. Recently last month, Beenext Asia , Singapore and Mayfield jointly made an investment of USD 4.5 Million in the current equity round in M1xchange, largest among the three holders of the Trade Receivables Discounting System (TReDS) licences issued by RBI.