Mynd Fintech, part of Treds platform M1xchange, acquires C2FO India

Supply chain financing platform Mynd Fintech, a subsidiary of M1xchange, has acquired 100% stake in C2FO India Technologies for an undisclosed sum, the company announced on Friday.

With this deal, roughly 100 employees and 140 clients of C2FO India will become part of Mynd Fintech’s operations.

M1xchange is an RBI-licensed Treds (Trade Receivables Electronic Discounting System) entity. C2FO runs C2Treds and also has the same licence, which it may surrender going ahead.


C2FO India’s parent company Pollen Inc. (C2FO US) is a major global player in early-payments solutions for small businesses, processing around $500 billion in payments across the US, Europe, and other markets. The deal will allow Mynd Fintech to operate C2FO India’s platform, while also gaining its employees and clients, in a major boost to the former’s supply chain financing business.

“The combined entity will process Rs 60,000 crore worth of transactions annually on both the buy and sell side,” said Sundeep Mohindru, chief executive officer, M1xchange. He did not share other financial details.

Basant Kaur, country head, C2FO, told ET that the company caters to around 50% of the Nifty50 corporations, taking care of the supply chain financing requirements of around 200,000 suppliers across sectors like cement, pharma, and others.

The Indian central bank had licensed three Treds platforms to facilitate MSME financing around 2016-17. These were Invoicemart, the Receivable Exchange of India, and M1xchange (Mynd Solutions).

Eventually, two more platforms got the licence two years back, KredX and C2FO. According to data from the RBI, in May 2026, Rs 11,878 crore was financed through M1xchange and Rs 298 crore was financed by C2Treds. While M1xchange had around 87,021 sellers registered with it, C2FO had 1,326 as of May 2026.