Supply chain financing platform Mynd Fintech, a subsidiary of M1xchange, has acquired fintech firm C2FO India for an undisclosed amount, expanding its footprint in the supply chain finance ecosystem.
As part of the transaction, around 100 employees and 140 clients of C2FO India will be integrated into Mynd Fintech. Following the acquisition, the combined entity is expected to process nearly ₹60,000 crore worth of transactions annually across both buyer- and supplier-side financing.
M1xchange operates a Reserve Bank of India (RBI)-licensed Trade Receivables Discounting System (TReDS) platform. C2FO India operates C2TReDS and also holds a TReDS licence, which may be surrendered after the acquisition. The transaction will enable Mynd Fintech to operate C2FO India's platform while absorbing its workforce and client base.
C2FO India Technologies provides on-demand working capital and dynamic discounting solutions for businesses. The company is a subsidiary of US-based C2FO, which facilitates accelerated invoice payments for suppliers in more than 180 countries.
Its marketplace enables vendors to access low-cost working capital and receive early invoice payments without extensive documentation or hidden charges. The platform serves nearly half of the companies in the Nifty50 and supports the supply chain financing requirements of around 200,000 suppliers across sectors including cement and pharmaceuticals.
Headquartered in Gurugram, Mynd Fintech is a digital lending marketplace focused on supply chain finance. Backed by the RBI-licensed TReDS platform M1xchange, the company provides automated, off-balance-sheet and unsecured working capital solutions to businesses. |
