Nitin Mittal, CEO SOLV
SOLV, a B2B market for small business loans, has partnered with MonetaGo to digitize invoice financing. The partnership will help SOLV leverage MonetaGo’s growing Anti-Fraud Network and mitigate potential risks of double invoice financing.
The Bengaluru-based startup enables small businesses to grow by helping them connect, converse and do business with each other, while also supporting them with finance, logistics and other business services. It is backed by SC Ventures, the innovation, investment and ventures unit of Standard Chartered that was set up to invest in disruptive FinTechs in the country. Powered by blockchain and AI/ML, SOLV addresses ease of doing business and liquidity challenges in the SME sector, which accounts for approximately 30 per cent of India’s $2.5 trillion GDP. The platform aims to empower SMEs to go global, create over 10 million jobs and help them contribute 50% to India’s GDP by 2025.
Nitin Mittal, CEO SOLV, said, “We are pleased to partner with MonetaGo to further transparency in transactions and to enable a secure environment for SME buyers and sellers to operate in. SOLV believes that MonetaGo’s solution built on blockchain to address the problem of double financing of invoices augments SOLV’s blockchain-based supply chain finance solution for invoice financing and will help mitigate the systemic risk to the businesses and institutions with whom we work every day.”
To enable seamless business transactions between millions of SME buyers and sellers across the country, SOLV provides invoice financing as a solution on its commerce platform by leveraging MonetaGo’s open API platform architecture for double invoice financing. It would also ensure higher transparency in all transactions between suppliers and buyers.
The US-based firm’s products enable critical real-time decision making and on solutions that are easily deployed in heavily regulated environments. It helps businesses mitigate risk, increase capital efficiency, and make capital more accessible to 60 million+ small businesses in India.
“SOLV is not your traditional lender. They are a technology-first company which is looking to impact a lot of businesses within India in the very near future. In time, they’ll probably expand globally, and we look forward to working with them in other markets as well” said Jesse Chenard, CEO of MonetaGo.
