Mynd Fintech, a component of M1xchange and a well-known online lending marketplace, has bolstered its cooperation with Fiducia Data Services Limited (“Fiducia”), Nigeria’s leading digital supply chain finance platform. Building on a successful partnership that started in 2022, the two companies intend to expand their innovative supply chain finance solutions to further regions across Africa and the Caribbean by 2025.
The goal of this partnership is to solve the significant liquidity issues that SMEs in emerging markets face. In Nigeria, Fiducia introduced its digital supply chain finance platform in 2023 by utilizing M1xchange’s established TReDS (Trade Receivables Discounting System) experience. Through the expanded cooperation, SMEs in Africa and the Caribbean will now have access to scalable, reasonably priced credit options by bringing customized financing models to neglected areas.
Sundeep Mohindru, Promoter and Director of M1 Group, said:In underserved markets, our collaboration with Fiducia reaffirms our dedication to transforming supply chain financing. Our goal is to provide SMEs in Africa and the Caribbean with effective and scalable financial solutions by combining Fiducia’s market knowledge with M1xchange’s technological know-how. This partnership demonstrates India’s fintech leadership and capacity to meet the financing needs of SMEs globally, promoting economic empowerment on a global scale.
M1xchange has helped India finance $14 billion worth of invoices so far. The successful introduction of the digital supply chain financing model to global markets includes this endeavor. By combining state-of-the-art technology with in-depth market knowledge, Mynd Fintech and Fiducia hope to promote trade, increase liquidity, and improve operational efficiency for SMEs.
Chukwuka Amadife, Chief Operations Officer of Fiducia, said: “With this collaboration, Fiducia enters a new and exciting phase of growth. Now that we’ve successfully launched a digital marketplace in Nigeria, we’re poised to open up new doors for SMEs throughout the Caribbean and Africa. We can promote innovation, improve digital resilience, and provide sustainable financial solutions that are suited to the particular requirements of companies in emerging countries when we work with Mynd Fintech.
