(MENAFN- KNN India)
Artfine collaborates with RXIL to finance invoice factoring for MSMEs
New Delhi, Feb 22 (KNN) Artfine, a specialist supply-chain financing firm which recently secured the NBFC factoring license from RBI through its group company Arth Padarth Factoring and Finance Pvt Ltd. has partnered with Receivables Exchange of India Ltd. (RXIL) to finance invoice factoring for MSMEs and helping the MSMEs sell their receivables on RXIL's TReDS platform.
Artfine also intends to integrate their invoice discounting platform 'ArtfineBilz' with RXIL to offer seamless customer experience, provide new products and increase its reach with the Corporates as well as MSMEs.
Commenting on the partnership, Shantanu Bairagi, Co-founder of Artfine said,“Supply chain finance is below 5 per cent of entire banking systems' assets outstanding and has immense growth potential. Our financial solutions are designed to bridge the gap in the industry and provide competitive rate financing to MSMEs. With our partnership with RXIL's TReDS platform, we intend to become a go-to solution provider of supply chain finance for MSMEs, supporting them in unlocking requisite working capital without having to go through lengthy loan application processes.”
Ketan Gaikwad, MD & CEO of Receivables Exchange of India Limited (RXIL) said, “Over the years, with the advent of technology backed with several government initiatives, the digital supply chain finance has presented itself as a viable solution for end-to-end process of financing and ensure timely provision of working capital to MSMEs. We are privileged to partner with Artfine and look forward to their valuable support in strengthening the MSME financing on the TReDS platform.”
TReDS is a digital platform for facilitating the financing of trade receivables for MSMEs through multiple financiers. This gives MSMEs greater access to finance and puts greater discipline on corporates to pay their dues on time. RBI's aim while setting up TReDS was to simplify money flow for MSMEs by transforming their trade receivables into liquid funds. (KNN Bureau)
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