Provide chain finance firm KredX has partnered with ICICI Financial institution to supply a business card for B2B funds, the 2 India-based corporations introduced Friday (April 8).
The ICICI Financial institution-KredX Industrial Card is a first-of-its-kind money again card that permits companies to gather on the spot monetary rewards for B2B funds with none charges, KredX mentioned.
By this partnership, KredX mentioned it expects to distribute as a lot as 20 billion Indian rupees (about $260 million) B2B vendor funds month-to-month. The corporate additionally mentioned it hopes to develop the variety of prospects by 300% by yr’s finish.
The partnership guarantees to empower B2B funds by fixing the complicated funds community, particularly vendor funds throughout segments, the corporate added.
The business card gives what KredX known as a single-view dashboard for fee transactions in addition to a administration interface. These instruments are designed to make companies extra environment friendly, and the money again providing dietary supplements the efforts of companies for B2B funds.
There’s additionally an embedded low cost choice during which prospects can run early funds for his or her distributors for extra reductions on invoices payables.
“This affiliation will assist KredX develop its community and can play an instrumental position in additional empowering companies within the monetary panorama,” mentioned KredX Founder and CEO Manish Kumar in a press release. “…That is considered one of our many efforts in digitizing the monetary panorama.”
Sudipta Roy, group head at ICICI Financial institution, mentioned the partnership goals to assist companies improve their productiveness with the hassle-free B2B funds and added monetary advantages with the business card.
In January, KredX accomplished a rebranding to develop into a provide chain financing big.
Learn extra: KredX Rebrands to Give attention to Provide Chain Financing
The change represented one other chapter within the evolution of the corporate’s mission to assist corporations meet short-term working capital wants.