Fintech MODIFI on Wednesday announced $145 million in debt financing with existing bank partners Silicon Valley Bank and Solarisbank.
“The funds will be used to address increasing demand and help more small and medium-sized enterprises trade internationally on MODIFI’s digital platform,” it said in a statement.
MODIFI is a digital trade finance platform for SMEs that spans the three major trading regions of Europe, Asia and North America. It provides SMEs with simple digital solutions to finance and manage their trades, protect them from counterparty risk, and easily track their shipments.
“MODIFI has quadrupled its business year on year in 2021 with India remaining the largest market and hence we would want to support our exporter clients in India against any such financial risks and deepen the trust and reliability with our Indian stakeholders,” said Nelson Holzner, CEO and Co-Founder, MODIFI.
The company had previously raised its Series B round in September. It is now working on major upgrades to its digital platform, which will expand the product offering beyond trade finance and allow MODIFI customers to take care of all trade-related activities in one place, the statement further said.