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U GRO Capital onboards MonetaGo’s blockchain network

MonetaGoMumbai-based U GRO Capital has onboarded MonetaGo’s Invoice Fraud Prevention Network to strengthen its supply chain finance portfolio. MonetaGo offers digitised enterprise solutions for financial operations, and its product suite is compliant with existing regulations. Its solutions are designed to improve efficiency and secure delivery of financial products.

Shachindra Nath, Executive Chairman, U GRO Capital apprised, “Innovation creates disruption, and as a technology-based lending platform, we are excited to implement MonetaGo’s Blockchain enabled solution. We intend to build scale with prudence and hope for a win-win partnership to serve MSMEs in our chosen sectors.”

U GRO Capital will be able to leverage the solution to mitigate risks and authenticate invoices and eWay bills. The product will succour in the elimination of requirements for physical/ scanned copies of the invoices thereby leading to faster loan disbursals and a stronger loan book.

Jesse Chenard, CEO, MonetaGo stated, “Fraudulent financing of invoices along with double financing is a major challenge for banks, NBFCs and FinTechs and MonetaGo is providing a world class block chain solution to help them prevent frauds in the invoice financing space.”

Earlier in January, Indian Non-Banking Financial Company (NBFC) Profectus Capital had onboarded MonetaGo’s blockchain solution network to prevent double financing. Headquartered in NYC, MonetaGo’s solution allows for verification of invoices and alleviates the risks associated with double financing of invoices as well as fraudulent invoices and eWay Bills.

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