Source: Financial IT
Vayana Network, India’s largest third-party platform for short-term trade finance, today announced that it won the “Innovation of the Year – Fintech” award at the 5th Inflection Summit & Awards on Digital Transformation and Supply Chain organized by NASSCOM and Alden Global in Bengaluru. It is one of the most prestigious awards that honours leaders, their organizations and teams for breakthrough innovations and excellence in the technology, supply chain, logistics, and start-up and fintech industries.
Vayana Network was recognized for its unique digital platform that connects Buyers and Sellers in Supply Chains to get easy and convenient access to finance at a fair price, at the click of a button. Businesses see no change to their existing processes or documents; and need no investment in technology. The company announced crossing the USD 1 Billion in trade financing mark in July 2018 and is well on its way to cross the USD 2 Billion+ mark this fiscal.
Commenting on the win R N Iyer, Founder and CEO, Vayana Network said, “We are honored to be recognized for the innovative work we are doing to transform the MSME finance space. Financing volumes on our Network continue to grow at 500% YoY serving supply chains across 20 industries. This award is another validation of the great work team Vayana is doing with an objective of helping enterprises focus on their core business without having to worry about gaps in their working capital.”
The Inflection Summit is a joint effort by NASSCOM, Alden Global, Council of Supply Chain Management Professionals (CSCMP), Singapore Institute of Materials Management (SIMM), and Centre of Excellence – IoT.