Supply chain finance company KredX has partnered with ICICI Bank to offer a merchant card for B2B payments, the two India-based companies announced on Friday (April 8).
KredX said the ICICI Bank-KredX Commerce Card is the first cash back card that allows businesses to collect instant financial rewards for B2B payments without any fees.
Through this collaboration, KredX said it expects to distribute 20 billion Indian rupees (about $260 million) in monthly B2B seller payments. The company also said it expects to grow its user base by 300% by the end of the year.
The partnership promises to power B2B payments by streamlining the complex payments network. The company added.
The commercial card also supports what is called KredX, a one-glance management interface for payment transactions. These tools are designed to make businesses more efficient; Cashback complements businesses’ efforts for B2B payments.
There is also a built-in discount option where customers can make early payments to their vendors for additional discounts on payable invoices.
“This team will play and help expand KredX’s network. An instrument role in strengthening businesses in the financial landscape,” KredX founder and CEO Manish Kumar said in a statement. “…This is one of our many efforts in digitizing the financial landscape.”
Sudipta Roy, Group Leader, ICICI Bank, said the partnership aims to help businesses improve their productivity with hassle-free B2B payments and add financial benefits with a commercial card.
In January, KredX has completed a rebrand to become a supply chain finance giant.
read more: KredX Rebrands to Focus on Supply Chain Finance
The change represents the next chapter in the evolution of the company’s mission to meet companies’ short-term working capital needs.
We are always looking for opportunities to partner with innovators and disruptors.