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PNN
New Delhi [India], October 3: 121 Finance Pvt. Ltd., India's largest independently owned NBFC-Factor, has announced a strategic acquisition of AcceptMyInvoice.com (AMI) for an undisclosed sum. This acquisition will strengthen 121 Finance's commitment to simplifying Trade Credit, while accelerating its growth through customer acquisition and new value-added services. AcceptMyInvoice.com is a one-of-a-kind platform that enhances B2B trade credit by addressing its pain points like chances of friction and disputes through efficient Invoice Acceptance and Receivable Management. With a current yearly volume of over Rs600 crores tied up in B2B Trade Credit, AMI's innovative model allows businesses to onboard their buyers and debtors, collect PODs and invoices, and get acceptances against those receivables. AMI can onboard multiple lenders, trade credit insurance companies and automate accounts receivables, creating a seamless B2B trade experience for SMEs and MSMEs. By integrating AMI into its operations, 121 Finance will further enhance its robust suite of digital trade finance solutions, including Trade Credit Finance, Factoring Finance, Reverse Factoring, and Receivable Finance. This acquisition will strengthen their existing tech stack and open new areas for customer acquisition. As part of the Digital Public Infrastructure, 121 Finance can set up value-added products and serve as a fully integrated Technology Service Provider for OCEN (Open Credit Enablement Network). This acquisition positions 121 Finance as a leader in the digital transformation of Trade Credit Finance, offering solutions that foster trust and transparency in B2B trade. Dr. Ravi Modani, Founder and CEO of 121 Finance, said, "In the era of Digital Public Infrastructure, we are committed to simplifying access to trade finance for the unorganised sector. This acquisition strengthens our ability to bridge the trade finance gap by addressing the lack of credit due to lack of transparency at the bottom of the pyramid. By making the process more transparent and efficient, we aim to empower SMEs and MSMEs to thrive." 121 Finance and AMI together will complement India's Trade Credit Ecosystem, much like key government initiatives such as OCEN, Indian Banks Digital Infrastructure Company, GSTN, PSL Association of India, and Supply Chain Enabling FinTechs, all of whom aim to make access to trade credit easier and more efficient for SMBs across the country. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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