NewsVoir
Bengaluru (Karnataka) [India], July 22: KredX, India’s leading integrated cash flow and supply chain finance platform, today announced a strategic partnership with Canara Bank, one of India’s prominent public sector banks. This collaboration aims to significantly broaden the reach of digital trade receivable discounting through KredX’s RBI-licensed TReDS platform, Domestic Trade Exchange (DTX), with a specific focus on driving deeper financial inclusion for businesses across the country.
The partnership reinforces KredX’s long-standing commitment to enhancing financial inclusivity across the supply chain ecosystem. Over the past decade, KredX has played a pivotal role in integrating both MSMEs and large enterprises into formal financial networks. The DTX platform helps address systemic challenges such as delayed payments, high borrowing costs, and collateral-heavy financing, particularly for service providers, by enabling faster, more affordable, and collateral-free access to working capital.
Canara Bank’s participation on the KredX DTX platform marks a pivotal step towards building a more robust, accessible, and inclusive supply chain finance ecosystem. As one of the oldest and largest public sector banks in India, Canara Bank brings a strong public sector presence and legacy to the partnership, with a robust network of branches across the country. By combining Canara Bank’s extensive reach and deep understanding of diverse business needs with KredX’s cutting-edge, technology-first infrastructure, this partnership will substantially enhance working capital access for Micro, Small, and Medium Enterprises (MSMEs) across all sectors and scales. This aligns seamlessly with the government’s vision of increasing financial inclusion for businesses, empowering a wider array of enterprises to thrive.
Manish Kumar, Founder and CEO, KredX, stated, “We are thrilled to welcome Canara Bank as a financing partner on KredX’s technology-first TReDS platform, DTX. Canara Bank’s extensive presence, deep-rooted customer focus, commitment to financial inclusion, and increasingly, its embrace of digital innovation and diversification of services, make it an invaluable addition to our expanding ecosystem. This partnership is a significant step towards digitisation and democratising trade finance, enabling enterprise buyers and MSME partners to access crucial working capital, with Canara Bank’s increased funding capacity driving nationwide financial inclusion.”
KredX’s DTX platform, approved under the RBI’s TReDS framework, offers a digital-first solution for end-to-end trade finance. Connected to 50+ financiers and designed to enable bidding on trade receivables, DTX provides businesses with access to the lowest cost of finance, an intuitive user experience, and seamless execution. DTX also enables suppliers to access working capital instantly, while allowing buyers to optimise cash flows and build more resilient supply chains. By integrating intelligent automation, real-time processing, and intuitive workflows, DTX ensures a frictionless experience for buyers, sellers, and financiers alike. The initiative aligns with the Government of India’s mandate for companies with a turnover exceeding Rs. 250 crore to onboard TReDS and integrate with the GSTN, promoting digital financing and regulatory compliance. This also supports KredX’s goal of achieving Rs. 15,000 crore in disbursals and empowering 15000 MSMEs by the end of this fiscal year.
As India’s leading integrated supply chain finance provider, KredX offers a comprehensive suite of solutions including early payments, accounts payable and receivable financing, and cash flow automation. These capabilities empower businesses to unlock working capital, drive operational efficiency, and maintain compliance across processes. KredX continues to expand its partner network of banks, NBFCs, and financial institutions to strengthen India’s digital supply chain infrastructure and improve access to capital across the ecosystem. In a significant move to further this mission, KredX is also engaging with State Governments to support MSMEs by raising awareness around TReDS and providing TReDS onboarding assistance. This strategic engagement will revolutionize MSME onboarding, reduce friction, improve data accuracy, and enable KredX to provide more tailored solutions to a wider base of MSMEs nationwide.
KredX is India’s leading integrated supply chain finance platform, and among the very few entities licensed by both the Reserve Bank of India (RBI) and the International Financial Services Centres Authority (IFSCA). With this dual regulatory backing, KredX offers end-to-end working capital solutions across both domestic (TReDS) and cross-border (global factoring) transactions, serving MSME suppliers as well as large corporate anchors. Being a pioneer in supply chain financing for a decade, KredX has been enabling businesses to unlock working capital and optimise cash flows through a full stack of digital finance solutions for modern supply chains. With platforms like DTX (Domestic Trade Exchange), GTX (Global Trade Exchange), and CMS (AI-powered Cash Management Solutions). Backed by marquee investors including Tiger Global, Sequoia Capital India, and Prime Venture Partners, KredX is at the forefront of building future-ready, tech-led financial infrastructure for B2B supply chain ecosystems.
To know more, visit KredX’s Domestic Trade Exchange (DTX) site: www.dtxindia.in
Widely known for customer-centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over a hundred years of existence. Growth of Canara Bank was phenomenal, especially after nationalisation in the year 1969, attaining the status of a national-level player in terms of geographical reach and clientele segments. The Bank diversified its business operations throughout the 1980s. A significant achievement came in June 2006, when it celebrated 100 years of service within the Indian banking industry. Several memorable milestones have characterised the eventful journey of the Bank. Currently, Canara Bank is a leading institution among Indian banks. Over the years, the Bank has been scaling up its market position to emerge as a major Financial Conglomerate with as many as thirteen subsidiaries/sponsored institutions in India and abroad. As of September 2023, Canara Bank services over 11.19 crore customers through a network of 9,518 branches and 12,118 ATMs/Recyclers spread across all Indian states and Union Territories.
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