Modifi announces US$145m in debt financing
Modifi, a global fintech company that helps small and medium-sized businesses (SMEs) finance and manage their international trades, has announced US$145m in debt financing with existing bank partners Silicon Valley Bank and Solarisbank.
The new funds will be used to address increasing demand and help more small and medium-sized enterprises trade internationally on Modifi's digital platform.
"2021 has been a challenging year for SMEs, who had to cope with logistics issues and skyrocketing freight rates amid a strong rebound in consumer demand. We were able to step in and help our clients get additional liquidity and risk protection, thus enabling them to fulfil extra orders and grow their business. We are excited to continue our partnership with Silicon Valley Bank and Solarisbank and are honored by their commitment to our mission," says CEO and Co-Founder Nelson Holzner.
Meeting rising consumer demand
COVID-19 has negatively impacted SME exporters and importers, with the trade finance gap widening to US$1.7 trillion, 15% higher than 2 years ago, according to Modifi. As global trade is booming and consumer demand is on the rise, they are unable to capitalise on new opportunities and navigate through supply chain disruptions.
Modifi is the only digital trade finance platform for SMEs that spans the three major trading regions of Europe, Asia and North America - a cluster that encompasses approximately 80% of global imports and exports. It provides SMEs with simple digital solutions to finance and manage their trades, protect them from counterparty risk, and easily track their shipments. Having raised its Series B round in September, the company is now working on major upgrades to its digital platform, which will expand the product offering beyond trade finance and allow customers to take care of all trade-related activities in one place.
Founded in 2018, the company has quadrupled its business year on year with India remaining the largest single market, and Greater China, UAE and Germany actively picking up pace. 2021 started off with MODIFI's launch in the Netherlands, the US and Bangladesh.
Modifi currently operates out of 9 offices in Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and Dhaka.
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