Supply Chain Financing: Mynd Fintech Acquires C2FO India

Supply chain financing platform Mynd Fintech, which is part of M1xchange, has taken over fintech firm C2FO India for an undisclosed figure. Following the acquisition, approximately 100 employees along with 140 clients from C2FO India will integrate into Mynd Fintech’s operations. This merger positions the combined entity to handle transactions amounting to Rs 60,000 crore annually across both buying and selling channels.

Mynd Fintech operates under the RBI licensed TReDS (Trade Receivables Discounting System) platform known as M1xchange. C2FO runs C2TReDS and possesses the same license, which they might relinquish post-acquisition. This agreement enables Mynd Fintech to manage C2FO India’s platform while welcoming its employees and clients into its fold.

C2FO India Technologies is recognised for delivering on-demand working capital solutions and dynamic discounting tailored for businesses. As a subsidiary of the US-based C2FO, it facilitates faster invoice payments for suppliers spanning over 180 countries.

The C2FO India marketplace empowers vendors to secure low-cost capital and expedite invoice payments without cumbersome paperwork or concealed charges. The company caters to nearly 50% of Nifty50 firms and addresses the supply chain financing needs of around 200,000 suppliers across various industries, including cement and pharmaceuticals.

Mynd Fintech is a digital lending marketplace situated in Gurugram, focusing on supply chain finance (SCF). As a member of the Mynd Group and supported by the RBI licensed TReDS platform M1xchange, it offers automated, off-balance sheet, and unsecured working capital solutions.