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.