Heads of Terms Agreement Signed with M12 Global
London, United Kingdom – 21 August 2018 – Accloud plc, the technology firm focussed on empowering micro-micro-SME’s through its cloud-based business services platform, is pleased to announce the signing of a Heads of Terms agreement with M12 Global for up to USD500 million of funding micro-loans via the Accloud platform.
This is a significant milestone in the development of the Accloud ecosystem, providing platform users with regulated access to capital at much lower rates than are currently available in India. Through Accloud’s i-Trade feature, services such as micro-loans, mobile payments, payment processing and FX transfer will be made accessible to businesses that are currently underbanked. These services are vital for the growth of micro-micro-SME’s and offer a significant revenue stream for Accloud, beyond the monthly platform subscription.
Ross James, CEO of Accloud, commented:
“This partnership with M12 Global is an important milestone as we continue to develop the Accloud ecosystem, which will allow millions of micro-micro-SME’s to benefit from access to capital to facilitate growth of their businesses. In addition to Accloud’s broader business services offering, businesses will have the ability to trade and network with other micro-micro-SME’s. Accloud was founded on the principle of empowering these businesses to reach their full potential and to have the same opportunities as their larger peers through a regulated and competitive financing product.
We are initially rolling out the platform in India, one of the fastest growing economies of the world with micro-micro-SME’s representing the majority of the business landscape. As we expand our network across India, we continue to build on the range of services we offer; the more compelling our proposition becomes for our customers – ultimately driving Accloud’s future growth”
Charles Grant, CEO of M12 Global, commented:
“The opportunity for M12 Global to work in partnership with Accloud to tap into the underserved market of micro-micro-SME’s in high growth markets is compelling and has the potential to massively boost a country’s economy by bringing unregistered businesses into the formal economy. Accloud’s platform is a natural vehicle to provide access to capital and facilitate trade between businesses, allowing them to realise their true growth potential.”
NOTES TO EDITORS
Accloud plc, founded in 2015 and headquartered in the UK, empowers micro micro-SME’s by offering business management tools through its integrated cloud-based platform to manage and grow their businesses. The Accloud platform offers user-friendly and affordable support to accelerate micro SME growth in rural communities, as well as the ability trade and network with other micro micro-SME’s. The platform is being rolled out across India, the world’s fastest growing major economy with 51 million registered micro micro-SME’s and millions more unregistered, and will be scaled across high growth economies, expanding the Accloud SME ecosystem globally.
To serve its international customer base, Accloud has offices, development centres and hosting facilities in the UK, India, Switzerland and Australia. Please see more information here.