Indian supply chain finance platform KredX is working with Tradewind Finance to help provide financing for international business, exports and imports, the companies announced Friday (June 3).
KredX previously revealed its “in principle” approval by the International Financial Services Centres Authority (IFSCA) in order to offer a platform for Indian companies to transact and raise financing for exports and imports.
This will help KredX extend its expertise in offering customers financing solutions. The Tradewind partnership will reportedly allow more “transparent, competitive, reliable” funding options for Indian corporates looking to work internationally.
KredX will also help Tradewind with firmographics and business intelligence, per the release, strengthening lenders’ relationships with Indian exporters.
Manish Kumar, KredX CEO, said the collaboration will allow the company to “further empower businesses and open new growth avenues not just within India but internationally.”
“Given our large customer base and significant business in India we are certain that this partnership will help us serve our customers better and tap into the underserviced export and import financing market in the country,” he said. “We are aiming for a growth of 1000 per cent plus across the major corridors of the United States, Europe, Middle East and the rest of Asia.”
KredX has recently entered other partnerships, including one with ICICI Bank focused on creating a new commercial card for B2B payments.
Read more: India’s KredX, ICICI Bank to Launch Cash Back Commercial Card for B2B Payments
The ICICI Bank-KredX Commercial Card will let businesses collect instant financial rewards for B2B payments without any fees.
The card is intended to ease ease the complexities of the payments network and provide a “single view dashboard” to help with payment transactions and management interface, which can help businesses make more efficient choices. The cash back offering will supplement B2B payments for businesses.
KredX said it expects to distribute as much as 20 billion Indian rupees in B2B vendor payments per month, or $260 million.
