Modifi announces US $ 145 million debt financing

0


To modify, a global fintech company that helps small and medium-sized enterprises (SMEs) finance and manage their international trade, has announced US $ 145 million debt financing with existing banking partners Silicon Valley Bank and Solarisbank.

The new funds will be used to meet growing demand and help more small and medium-sized businesses do business internationally on Modifi’s digital platform.

“2021 has been a difficult year for SMEs, which have had to contend with logistics challenges and skyrocketing freight rates amid a strong recovery in consumer demand. We were able to step in and help our clients obtain additional liquidity and risk protection, allowing them to fill additional orders and grow their business. We are delighted to continue our partnership with Silicon Valley Bank and Solarisbank and are honored by their commitment to our mission, ”said CEO and Co-Founder Nelson holzner.

Respond to growing consumer demand

According to Modifi, COVID-19 has had a negative impact on exporting and importing SMEs, with the trade finance gap rising to $ 1.7 trillion, 15% more than 2 years ago. As global trade booms and consumer demand increases, they are unable to capitalize on new opportunities and navigate supply chain disruptions.

Modifi is the only digital trade finance platform for SMEs that covers the three main trading regions of Europe, Asia and North America – a cluster that encompasses around 80% of global imports and exports. It offers SMEs simple digital solutions to finance and manage their transactions, protect them from counterparty risk and easily track their shipments. After increasing its Series B cycle in September, the company is currently working on major upgrades to its digital platform, which will expand the product offering beyond trade finance and allow customers to support all trade related activities in one place.

Founded in 2018, the company has quadrupled its revenue year on year with India remaining the largest single market, and Greater China, United Arab Emirates and Germany are actively accelerating. 2021 kicked off with the launch of MODIFI in the Netherlands, the United States and Bangladesh.

Modifi currently operates from 9 offices in Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and Dhaka.


Share.

About Author

Comments are closed.