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 present 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 present 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 long run,” MODIFI CEO and Co-founder Nelson Holzner mentioned. “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 “Trendy Digital Finance,” affords 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 broaden their worldwide operations. The recent capital will assist speed up MODIFI’s growth plans in high-growth markets equivalent to China and India, the place the corporate has already made inroads. A couple of weeks in the past, MODIFI introduced a strategic partnership with India’s Gujarat Business Improvement Affiliation (GIDA). This spring, the corporate introduced a file yr 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 through a sequence of joint initiatives, and to assist these corporations enhance money stream and broaden 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 mentioned. “With this recent 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 permits SMEs utilizing MODIFI’s digital platform to verify obtainable limits, handle transactions, and request financing in lower than 10 minutes.
Based in 2018, MODIFI serves greater than 1,700 prospects in 55+ nations. The corporate has facilitated greater than $3 billion in international commerce, and was acknowledged this yr by the Monetary Occasions and Statista as one of many fastest-growing European fintech firms.
Photograph by anna-m. w.
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