Enterprise funds platform MODIFI has secured $15 million in funding.
The Collection C spherical was led by SMBC Asia Rising Fund, and featured participation from current buyers Maersk, Intesa SanPaolo, and Heliad.
MODIFI made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
In a spherical led by SMBC Asia Rising Fund, B2B Purchase Now, Pay Later platform MODIFI has raised $15 million in funding. The Collection C spherical additionally featured participation from current buyers Maersk, Intesa SanPaolo, and Heliad. Along with the funding, MODIFI and Sumitomo Mitsui Banking Company (SMBC) have signed a Memorandum of Understanding (MoU) to collectively advance digital options to help Asia-based SME exporters as they search to develop their worldwide commerce operations. In a press release, the corporate underscored SMBC’s vital presence within the Asia-Pacific area, noting that SMBC brings capital and strategic alignment to the brand new relationship.
“The funding underscores the power of our enterprise and the boldness our buyers have in our imaginative and prescient for the longer term,” MODIFI CEO and Co-founder Nelson Holzner stated. “As international commerce evolves, MODIFI is on the forefront, offering modern options that empower companies to scale and succeed throughout borders.”
MODIFI, which stands for “Fashionable Digital Finance,” gives instruments and options to optimize working capital and streamline cross-border funds. The corporate integrates superior danger administration with seamless fee processes to assist companies of all sizes increase their worldwide operations. The contemporary capital will assist speed up MODIFI’s growth plans in high-growth markets corresponding to China and India, the place the corporate has already made inroads. A number of weeks in the past, MODIFI introduced a strategic partnership with India’s Gujarat Trade Growth Affiliation (GIDA). This spring, the corporate introduced a document 12 months of enterprise progress in China, with a 160x year-over-year enhance in funding enabled for Chinese language exporters. Collectively, SMBC and MODIFI plan to empower SMEs with new and modern cross-border monetary options by way of a sequence of joint initiatives, and to assist these companies enhance money circulation and increase their worldwide attain.
“Our mission is straightforward: We empower SMEs to compete and thrive within the international market with quick, versatile, and safe fee options,” Holzner stated. “With this contemporary funding, we’re set to redefine international commerce finance — making certain companies of all sizes can unlock the liquidity and get the safety they should develop internationally.”
MODIFI made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. On the convention, the corporate demonstrated its MODIFI Hub, which allows SMEs utilizing MODIFI’s digital platform to verify out there limits, handle transactions, and request financing in lower than 10 minutes.
Based in 2018, MODIFI serves greater than 1,700 clients in 55+ international locations. The corporate has facilitated greater than $3 billion in international commerce, and was acknowledged this 12 months by the Monetary Instances and Statista as one of many fastest-growing European fintech firms.
Photograph by anna-m. w.
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