A global leader in working capital solutions, C2FO has announced that its new entity C2FO Factoring Solutions Private Limited has received in-principle approval from the Reserve Bank of India to set up and operate a TReDS platform in India. With this approval, C2FO becomes only the 4th platform to get the license. Currently, there are three operating TReDS platforms in India, namely Invoicemart, M1xchange and RXIL.
While MSMEs are critical to and form the backbone of the Indian economy, persisting challenges make a majority of MSMEs still struggle for survival. This is mainly due to a lack of affordable and timely access to credit options. This is one of the main reasons why RBI launched TReDS in July 2014.
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C2FO has quickly established itself in India as one of the largest and fastest-growing markets, serving over 2 Lakh businesses on its platform, many of which are MSMEs. Globally, C2FO serves over 10 Lakh businesses representing $10.5 trillion in annual sales (Approx. INR 8,30,000 Crores) spread across more than 160 countries.
The provision of working capital to MSMEs has become critical as India seeks to create 100 million jobs in this decade. C2FO is said to be India’s largest Early Pay platform, with a strong network of over 50,000 MSME suppliers and some of the largest corporations in the country. The firm says it plans to leverage its reach and understanding of supplier concerns to build a separate TReDS entity and supplement the working capital needs of MSME businesses in India.
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Expressing her gratitude to RBI, the Ministry of MSME, customers and investors, Ms Basant Kaur, Country Head, C2FO India, said "C2FO’s mission is to provide working capital to every business that needs it. We look forward to using this opportunity to unlock value for MSMEs and contribute to India’s rapid economic growth."
About C2FO
C2FO is the world’s on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to nearly 2 million businesses worldwide. Using patented Name Your Rate® technology and a suite of working capital solutions, companies can get paid sooner by the world’s largest enterprises — unlocking billions in risk-free capital. C2FO’s mission is to ensure that every business has the capital needed to thrive and has delivered more than $220 billion in funding around the world. Founded in 2008 and headquartered in Kansas City, USA, with offices around the globe, C2FO is working to build a better, more inclusive financial system every day. To learn more, visit www.C2FO.com.
