New Delhi, Mar 12 (KNN) Cashinvoice, a digital supply chain finance platform, has forged a partnership with the factoring giant SBI Global Factors Limited (SBIGFL) to expand the adoption of factoring solutions among Micro, Small and Medium Enterprises (MSMEs).

Through this collaboration, the aim is to extend credit disbursement by Rs 3,000 crore across more than 100 MSMEs in tier 2 and tier 3 regions for the fiscal year 2024-2025.

Additionally, Cashinvoice anticipates a 20 per cent increase in revenue following the integration of the factoring business.

Arun Poojari, Founder and CEO of Cashinvoice, emphasised the growing demand for prompt financial solutions among MSMEs to achieve their business goals.

He highlighted the synergy between Cashinvoice's technological expertise and SBIGFL's extensive network and resources, positioning them to innovate in the invoice financing realm and deliver novel factoring solutions to their core clientele.

Poojari stated, “The increased demand for MSMEs to find prompt financial solutions to meet their business objectives is propelling the factoring solutions market forward.”

“By combining our technological prowess with SBIGFL’s network and resources, we’re positioned to chart new territory in the invoice financing space while offering innovative factoring solutions for our anchor customers,” he further added.

Launched in 2018, Cashinvoice specialises in offering invoice discounting services to MSME buyers and suppliers of mid and large corporates.

Despite the significant growth observed in the global factoring services market, projected to reach USD 5,872 billion by 2031, there remains substantial untapped potential in the Indian market, particularly post the introduction of the Trade Receivables Discounting System (TReDS).

Factoring, a process of converting receivables or bills into creditworthy assets, facilitates businesses' access to working capital loans while mitigating credit risks, ensuring seamless cash flow for settling payments.

Bharat Mishra, CEO, SBI Global Factors, commended Cashinvoice's advanced technology, which simplifies the creation of scalable factoring portfolios, thereby streamlining the entire process and easing the factoring journey for financiers.

He mentioned, “Cashinvoice’s advanced technology simplifies the creation of scalable factoring portfolios, streamlining the entire process. This breakthrough promises to significantly ease the factoring journey for financiers.”

Mishra emphasised, “Together, with Cashinvoice, we expect to bring a substantial impact in the invoice financing market.”

(KNN Bureau)