New Delhi, July 19 (KNN) Invoicemart, a digital discounting marketplace, has tied up with Union Bank of India (UBI) to discount invoices for the micro, small and medium enterprises (MSMEs).

Joining other leading financial institutions that are on board with A.TREDS Ltd as financier, Union bank of India addition takes the total number of financiers to 14.

On partnering with Union Bank, Kalyan Basu, CEO & MD, A.TReDS Ltd. said “Invoicemart is privileged to have Union Bank of India as one of the financiers on the platform”.

Calling financiers a crucial element of the factoring ecosystem, he said their support provides much needed working capital to MSMEs.

The team understands the challenges faced by MSMEs in obtaining working capital finance and the systemic gaps in the financial ecosystem. With the help of technology, it is our endeavor to bridge the gap that has prevented institutional lenders from reaching out to small businesses, primarily due to high cost of acquisition through the offline channels, he added.

He said “We look forward to their invaluable support in our endeavor to strengthen the country's MSMEs.”

Speaking on this tie-up A.K. Goel, Executive Director, Union Bank of India said, “We are pleased to partner with Invoicemart as the TReDs platform has proven to provide transparent, competitively priced and speedier trade financing access to MSMEs.”

 It is also a great opportunity for our bank to increase our financial exposure as debt will be covered under the priority sector lending, he added.