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.