SOLV Partners with Monetago to Digitize Invoice Financing for 60Mn+ Small & Medium Businesses of India

Mumbai, India, December 10, 2019 – SOLV, a B2B commerce marketplace, recently announced its partnership with MonetaGo. The partnership will help SOLV leverage MonetaGo’s growing Anti-Fraud Network and mitigate potential risks of double invoice financing.

SOLV is a trusted B2B commerce platform for Small and Medium Enterprises (SMEs) in India. The SOLV platform enables small businesses grow by helping them connect, converse and do business with each other, while also supporting them with finance, logistics and other business services. SOLV is a part of SC Ventures, the innovation, investment and ventures unit of Standard Chartered Bank.

SOLV’s platform is powered by blockchain and AI/ML and addresses ease of doing business and liquidity challenges in the SME sector; a segment which accounts for approximately 30 percent of India’s USD $2.5 trillion GDP. SOLV aims to empower SMEs to go global, create over 10 million jobs and help them contribute 50% to India’s GDP by 2025.

In order to enable seamless business transactions between millions of SME buyers and sellers across the country, SOLV provides invoice financing as a solution on its commerce platform.  Leveraging MonetaGo’s open API platform architecture for double invoice financing will enable higher transparency in all transactions between suppliers and buyers.

Commenting on the partnership, Nitin Mittal, CEO SOLV, said, “We are pleased to partner with MonetaGo to further transparency in transactions and to enable a secure environment for SME buyers and sellers to operate in. SOLV believes that MonetaGo’s solution built on blockchain to address the problem of double financing of invoices augments Solv’s blockchain-based supply chain finance solution for invoice financing and will help mitigate the systemic risk to the businesses and institutions with whom we work every day.”

MonetaGo’s products capitalize on cutting-edge financial technology to enable critical real-time decision making and on solutions that are easily deployed in heavily regulated environments.

MonetaGo’s next-generation solutions mitigate risk, increase capital efficiency, and make capital more accessible to 60 million+ small businesses in India. Reduced risk translates to cheaper access to capital and leads to better rates of return for everyone, including creditors.

“SOLV is not your traditional lender. They are a technology-first company which is looking to impact a lot of businesses within India in the very near future. In time, they’ll probably expand globally, and we look forward to working with them in other markets as well” said Jesse Chenard, CEO of MonetaGo. “I’ve led MonetaGo’s vision and strategy by interfacing with institutions and banks around the world for over many years, and it is always a pleasure to work with people who are so intensely data driven.”

SOLV has previously announced other strategic partnerships such as those with Bank of Baroda, Receivables Exchange of India Ltd (RXIL) and Experian.

About Solv

SOLV is building India’s first B2B conversational commerce platform for SMEs. Through this open, inclusive, diversified platform, SMEs can discover & connect with suppliers, buyers and peers for their growth. They also get access to on-demand financial services and business solutions.

For more information visit: www.solvezy.com

About MonetaGo

MonetaGo provides digitized enterprise solutions for financial operations. The MonetaGo product suite is compliant with existing regulations and designed to improve the efficient and secure delivery of financial products. Built to support multiple technologies and interoperate seamlessly with legacy financial infrastructure, institutions can integrate MonetaGo’s products with minimal disruption and cost. MonetaGo has previously launched India’s first live blockchain network, followed by working with several large players like Yes Bank, Vedanta Group, SWIFT India, among others.

For more information, visit www.monetago.com.

SOLV Press Contact

Ananya Chand

ananya.chand@solvezy.com

+91-8374971018

MonetaGo Press Contact

Rachna Baruah

rachna@madchatter.in

+91-99302-90142

 

SOLV Invites Techies to Hack its Digital Billboards across Bengaluru, becomes 1st in India to Pioneer a New-age Hiring Practice

Techies can log in to Hackyourfuture.in, solve the challenge and bag a tech role with Solv
15th July, 2019, Bengaluru: SOLV,  a B2B conversational commerce start-up based in Bengaluru has introduced India’s 1st hackable digital billboard across the city. The billboard invites techies to accept the challenge of hacking a puzzle and get their names displayed on it.

  • The digital billboards are live in phases across major tech parks in Bengaluru, with the second digital billboard available at Manyata Tech Park from 15th-19th July, 2019
  • Hackyourfuture.in is designed to help techies solve a puzzle and join SOLV’s mission
    Techies can hack the challenge online on hackyourfuture.in or onsite i.e. next to the digital billboard
  • Additionally, prizes worth INR 10,000 will be shared among top 5 winners everyday

‘Hack Your Future’ is a digital billboard designed to change away from traditional recruitment processes. The challenge posed is a real-time test of skills and talent wherein every aspirant has an opportunity to hack their way into the SOLV’s team.
Aspirants are required to hack a hashkey-based puzzle on hackyourfuture.in which is linked to the digital billboard. Techies can solve the puzzle and if they crack the code, their names will be featured on the billboard along with a chance to meet the SOLV’s leadership team and join them. Techies can also access the link to the challenge on Solv’s LinkedIn, Facebook and Instagram pages.
“The digital billboard’s offline-online integration is unique. Techies are invited to hack the code on their phones, see their name displayed on the digital billboard and get to join us. For the millennial techies, it’s an excellent opportunity to showcase their skills, real-time. In our pursuit to include 60mn+ SMEs in India’s digital economy, we at SOLV sincerely believe in giving a digital-first experience to all.
The talent that we are targeting, will be directly responsible for building the foundation of our conversational commerce platform and make a real-world impact on SMEs across India.” said Nitin Mittal, CEO, SOLV.
Nitin Mittal, CEO SOLV with Alex Mason, Global Head, SC Ventures at our hackable digital billboard
SOLV has received overwhelming response from techies not only in Bangalore but also from across India. This new-age recruitment drive found interest in 6,00,000+ techies pan India with 2,00,000+ of them from across the 2 tech parks that it has been displayed in. 
About SOLV:
SOLV Is India’s 1st B2B conversational commerce platform for SMEs with a mission to build India’s largest, fully digital, growth platform for the 60 million+ small and medium enterprises of India. SOLV aims to support SMEs in tackling their 3 biggest challenges: Accessing finance, connecting with their customers, peer, suppliers & employees and Simplifying their day-to-day operations by helping them partner with the right business solution providers.
SOLV is a fully-owned subsidiary of Standard Chartered Group. headquartered in London.
Contact Details:
Ananya Chand
Brand & Marketing @ SOLV
Phone no: +91-8374971018
Email: ananya.chand@solvezy.com

SOLV™ at Weaves, Texvalley – India’s Premier Textile Fair

Texvalley, in association with CII hosted the second edition of Weaves from Nov 27 – 30, 2019 in Erode, Tamil Nadu. Texvalley is India’s largest wholesale textile market and is located in Erode, the heart of the country’s textile manufacturing hub. The Weaves event offered hundreds of textile manufacturers and traders from the region an opportunity to showcase their products, connect and collaborate with buyers from across India and the globe. The event featured over 250 exhibitors from across Tamil Nadu showcasing knit fabric, handlooms, khadi, home textiles, textile accessories and machineries; and witnessed 4000+ walk-ins.
SOLV as the principal sponsor of the event had a significant presence at the show with a 40 sq.m booth, airport branding, branding in all collaterals, media mentions and conference sessions. The event was co-sponsored by NABARD (National Bank for Agriculture and Rural Development) and supported by the Ministry of Textiles, Government of IndiaRetailers Association of IndiaThe Clothing Manufacturers of India and Tiruppur Exporters Association among several others. The event provided an excellent opportunity to demonstrate the SOLV B2B commerce platform to large manufacturers and buyers, national and regional level associations, trade-bodies, industry experts, influencers and key government agencies.

Nitin Mittal, CEO, SOLV addressed the vibrant small business community at the inaugural session on 27th November, alongside Texvalley management, industry luminaries and senior government officials.
Nitin’s talk focused on how Tamil Nadu embodies the spirit of entrepreneurship and has always been at the forefront of economic growth. He further went on to elaborate how SOLV is committed to enabling growth for small businesses in the region by helping them find new markets and customers, offering access to finance and simplifying day-to-day operations.

Vijay Makhijani, Head of Sales and Subhashini Parasuraman, Head of Brand and Marketing delivered a talk at the plenary conference session on how SOLV helps small businesses grow by offering a trusted platform to connect, on-demand access to finance and business services.

The booth witnessed a steady flow of visitors across all four days including industry leaders like the President of Retailers Association of India (RAI) Mr. Kumar Rajagopalan, who stated “SMEs are the driving force behind India’s growth. RAI aims to enable retailers to connect with each other, increase their reach and help them grow their business. We will be happy to work with SOLV to facilitate seamless business for the SME ecosystem in India and promote them globally.”
In addition, state cabinet ministers from the Government of Tamil Nadu – Minster for Electricity, Prohibition & Excise: Shri P Thangamani, Minister for School Education, Youth Welfare and Sports Education: Shri K Sengottaiyan and Minister for Environment: Shri KC Karupannan along with Shri Devarajan Chinnusamy, Vice Chairman, Texvalley – also visited the booth and spent time interacting with SOLVers.
Adding an element of glamour and excitement was the Weaves Fashion Show where SOLV continued to be showcased via MC mentions, videos and more.

The four-day event concluded with a valedictory session chaired by several senior government and industry leaders.

The event was extremely successful for SOLV on multiple accounts. We exceeded customer acquisition targets, forged alliances and gathered valuable customer insights and feedback. We look forward to many more such events that brings us closer to our customers, as we expand our footprint across India and engage with more industry verticals.