MODIFI, which claims to solve global trade finance for small and medium businesses, has received a $60m debt facility with Silicon Valley Bank.
With fresh funds, MODIFI hopes to support the rising demand for its services and further its growth into new geographies, including the US.
The company’s move into the US will make it the only digital trade finance platform focused on SMEs that covers Europe, Asia and North America, it claims.
MODIFI, which was founded in 2018, helps SMEs to grow their businesses by financing their invoices.
In 2020, the FinTech claims it managed to triple its business and expanded into China, Hong Kong, the UAE and Spain. This growth has continued into 2021, with the company recently launching in the Netherlands.
MODIFI CEO and co-founder Nelson Holzner said, “We are excited to partner with Silicon Valley Bank on our journey to digitize the global trade industry, which has traditionally been extremely paper-heavy.
“The pandemic has forced many analogue processes to move online, and we are seeing more and more SMEs appreciating the value of a platform that provides them with trade finance from their own homes, whenever they need it”.
The capital injection brings MODIFI’s total capital raised to $111m.
Copyright © 2021 FinTech Global
