Insight & Analysis

Press release: Finovate Capital onboards fintech MonetaGo’s fraud prevention network

Published: May 2020

6th May 2020Finovate Capital, India’s leading short-term lending fintech platform today announced the integration of MonetaGo’s secure financing solution to build-in a more robust platform solution to its 15+ lenders in India.

Newspaper press release

Finovate Capital is an innovative fintech platform providing MSME/SME (Small and Medium Enterprises) businesses with seamless access to short-term finance by combining the traditional approach of credit distribution with a state-of-the-art fintech platform. With a diverse lender-set including large banks, non-banking financial companies (NBFCs), small finance banks, and new-age lenders, Finovate has already emerged as a credible and sought out platform in the space.

The integration of MonetaGo’s Secure Financing Solution will enable Finovate Capital to fingerprint invoices which effectively prevents duplicate financing. The solution will also allow for invoice authentication with GSTN (Goods and Services Tax Network) database and verification of eWay Bill submitted with NIC (National Informatics Centre) eWay Bill database. The end result is an enriched risk profile for Finovate Capital and its financing partners. MonetaGo leverages best-in-class technology, including R3’s Corda platform, as well as its own proprietary technology, to enable businesses to reclaim value lost through paper-based processes, and return it to their balance sheet.

Akshat Birla, Founder & CEO at Finovate Capital commented “Finovate Capital has in a limited time emerged as a ‘go to’ platform for short-term capital and as a credible long-term partner to several of India’s leading players in the BFSI lending space. We strive to stay on top of the fintech curve by integrating emerging technologies that help mitigate risks. MonetaGo’s Fraud Prevention Solution is unique as it mitigates the double financing risk while helping MSME customers in straight-through-financing of invoices with no manual intervention thus reducing cost, time, and the effort in ensuring the availability of funds. We are confident this latest partnership will greatly benefit our growing community of customers and partners.”

Jesse Chenard, CEO MonetaGo said “Finovate Capital’s capabilities and potential for growth in its market makes it the perfect business to benefit from our Secure Financing Solutions. We are delighted to be the platform of choice for Finovate as they continue to expand their lender base. We look forward to helping them achieve continued success.”

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