M1xchange’s Mynd Fintech & Fiducia to advance SCF across Africa and the Caribbean

By Gloria Mathias

Mynd Fintech, a subsidiary of M1xchange and a digital lending marketplace, has deepened its collaboration with Fiducia Data Services Limited (Fiducia), Nigeria’s digital supply chain financing platform (SCF).

Building on their success since 2022, the two companies are set to extend their innovative supply chain financing solutions across Africa and the Caribbean.

Leveraging M1xchange’s TReDS platform expertise, Fiducia Data Services Limited launched the Fiducia platform in 2023 to address liquidity challenges in the Nigerian market. Working together with Mynd Fintech, Fiducia will launch its supply chain finance solutions in new markets across Africa and the Caribbean in 2025.

The latest milestone in this collaboration was marked on November 28, 2024, during a strategic visit by Fiducia’s delegation to M1xchange’s headquarters in Gurgaon, Haryana, India. The visit culminated in the signing of an agreement to strengthen the partnership and explore customised solutions for new markets.

Sundeep Mohindru, Promoter and Director of M1 Group, said, “Our partnership with Fiducia underscores our commitment to redefining supply chain financing for underserved markets. By combining M1xchange’s technology expertise with Fiducia’s market insights, we aim to deliver efficient and scalable financing solutions to SMEs across Africa and the Caribbean. This expansion builds on the success of India’s FinTech sector in addressing global SME financing needs, empowering businesses to thrive in competitive economies.”

Chukwuka Amadife, Chief Operations Officer of Fiducia, stated, “This partnership signifies an exciting chapter in Fiducia’s journey. After successfully launching a digital marketplace in Nigeria, we are set to unlock new opportunities for SMEs across Africa and the Caribbean. In partnership with world-class financial institutions, Fiducia is well-positioned to deliver innovative financing solutions and accelerate the adoption of its marketplace platform in emerging markets. Our collaboration with Mynd Fintech will enhance our digital resilience, drive operational growth, and provide sustainable financial solutions for businesses in these key markets.”

Having financed $14 billion in invoices in India, M1xchange is positioning its digital supply chain financing model on the global stage. By aligning with Fiducia, a platform built on Mynd Fintech’s technology, the partnership seeks to transform the way SMEs in emerging markets access affordable and scalable funding solutions.