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.