MODIFI Announces 145m USD to Power International SME Trade Among Supply Chain Turmoil

AMSTERDAM, THE NETHERLANDS – Media
OutReach – 15 December 2021  Global fintech MODIFI today
announced 145m USD 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.

COVID-19 has negatively impacted SME exporters
and importers, with the trade finance gap widening to 1.7 trillion USD, 15%
higher than 2 years ago. As global trade is booming and consumer demand is on
the rise, they are unable to capitalize on new opportunities and navigate
through supply chain disruptions.

“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.

Increase in the facility amount will help
address growing demand for the MODIFI products in the company’s markets
worldwide. MODIFI 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.

“We are incredibly excited at Silicon Valley
Bank to build on our existing relationship with MODIFI as it continues on its
trajectory to become a leading provider of trade financing products. With trade
severely affected by the restrictions resulting from COVID-19 and other
macroeconomic issues, trade financing has been instrumental in reducing the
adverse effects to businesses relating to both exports and imports. Our
continued partnership showcases the ability of SVB’s warehouse financing
platform to play a pivotal role in the growth of cutting edge fintechs like
MODIFI”, says Conor Sheehy, Head of Fintech Warehousing at SVB EMEA.

“We are excited to take our partnership with
MODIFI to the next level and help more SMEs manage their liquidity and emerge
as winners from the current supply chain crisis. There is a growing need for
innovative solutions that remove barriers, increase transparency and enable
small and midsize businesses to trade on a par with larger corporates. At
Solarisbank, we are committed to empowering our partners to scale quickly and
serve more customers through our API-based lending platform”, says Nicolas Knecht,
Managing Director Lending of Solarisbank.

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 which 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 MODIFI customers to take care
of all trade-related activities in one place.

MODIFI currently operates out of 9 offices in
Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and
Dhaka.

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