Digital invoice discounting marketplace – Invoicemart has tied up with state-run lender Bank of BarodaBSE 1.24 % to discount invoices for MSMEs. Buyers and sellers registered on the marketplace will now be able to access funding from Bank of Baroda. Invoicemart is a joint venture between Axis Bank LtdBSE 1.70 % and mjunction services ltd.
Bank of Baroda had recently announced that it was stepping up its focus on supply chain financing, to provide loans to MSMEs associated with large corporates. TReDS is an online mechanism that helps MSMEs unlock working capital without the hassle of applying for loans.
“Financiers are a crucial element of the factoring ecosystem and provide the much needed working capital to MSMEs registered on our platform,” said Kalyan Basu, CEO & MD, Invoicemart. “We are privileged to be associated with Bank of Baroda as one of our financers and we look forward to their invaluable support in our endeavour to strengthen our industry.”
