5 FinTechs modernising Supply Chain Financing in India
By Gloria Mathias
Supply chain finance is a short-term financing solution that allows buyers to pay their suppliers later. SCF can help buyers and suppliers optimize their working capital.
In a supply chain finance process, the buyer places an order for goods or services from a supplier. The buyer receives an invoice for the purchase, which is due within a certain time. The buyer approves the seller in getting financial assistance from a lender or financier. The seller can then sell the invoice to the financier for a discounted price.
Economic volatility and corporate social responsibility can disrupt business in today’s uncertain economic environment. As supply chain finance (SCF) becomes an effective method that improves supply chain financial performance, the demand for digitizing the space is quintessential.
Below listed are 5 FinTechs digitizing the supply chain financing efficiency in India:
CashFlo is an AP automation and supply chain financing platform. Made in India. Its mission is to unleash the untapped financial potential of millions of Indian businesses. Its AP automation and Supply chain Financing suite is transforming the way large businesses across the country manage their payments. The company creates an ecosystem for buyers, suppliers, and financiers through its platform model.
CredAble is a working capital tech platform that aims to pioneer the future of working capital management. CredAble’s working capital infrastructure boasts of a range of scalable products and value-added financing solutions that are engineered for businesses of all sizes. It is shaping the future of working capital management and trade finance with 360° tech-enabled solutions built to accelerate business growth.
FinAGG is a young Fin-Tech organisation, on a path to create and help finance India’s largest distributor and retailer network. FinAGG’s platform is entrusted by large corporate houses in India. The company has been disrupting the lending market at an early stage. It has kept the SME/MSME and retailers at the forefront of their vision and are championing them as they represent the backbone of a sizable portion of the creation and consumption ecosystem throughout the country.
Vayana Network is an electronic network that connects corporations and their Supply Chain to Financial Institutions for easy, quick, and low-cost access to Trade Financing of their Payables and Receivables. It is one of the preferred platforms for Trade Finance in India. Vayana GSP is in a unique position to help organizations with their E-way bill compliance as well as work with several solution providers (ASPs) on the same.
Veefin is one of the most trusted SCF technology providers in India and South Asia and growing rapidly in global markets. It has been built by bankers for bankers. Veefin has an end-to-end product stack to seamlessly digitize the onboarding, multi-facility underwriting, and SCF loan management journeys. Its tech stack is powering the SCF ecosystem in India through the Public Sector Bank Alliance.
IBSi Daily News Analysis
December 08, 2023
Most consumers seek safer, easier payment verification, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage