Question
Which company becomes India's first fintech-led
NBFC-Factor to receive the Certificate of Registration under Registration of Factors (Reserve Bank) Regulations, 2022?Solution
121 Finance becomes India's first fintech-led NBFC-Factor to receive the Certificate of Registration under Registration of Factors (Reserve Bank) Regulations, 2022. The NBFC-Factor addresses the most significant challenge most businesses suffer from, i.e., arranging short-term funds for MSMEs, without any collateral. 121 Finance has brought factoring to the Micro, Small, and Medium Enterprises (MSMEs) and has its roots ground deep in FinTech. MSMEs are actively seeking alternate sources of Working Capital, especially since the banks are moving out of cash credit limits for small businesses. 121 Finance has been a pioneer in Digital B2B lending through Government eMarketplace (GeM Sahay), offering Sachet Loans or small ticket sized loans and now aims to deliver the Trade Receivables Discounting System (TReDS) experience for seamless Working Capital solutions to MSMEs. 121 finance Pvt Ltd. Headquarters: Jaipur, Founder & CEO: Dr Ravi Modani
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