MODIFI Announces New 60m USD Debt Facility with Silicon Valley Bank, Brings Total Raised Capital to 111m USD to Fuel Global Expansion
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MODIFI will use the funds to expand into the US.
MODIFI s digital trade finance platform provides SMEs with buyer and seller financing in a matter of days.
MODIFI tripled its business in 2020 and launched in four new markets during the pandemic - China, Hong Kong, UAE and Spain. The trend has continued in 2021 with the launch in the Netherlands.
AMSTERDAM, THE NETHERLANDS - Media OutReach – 17 March 2021 - Global fintech MODIFI announces a new 60m USD debt facility with Silicon Valley Bank (SVB), bringing its total raised capital to 111m USD. The facility from SVB s German Branch will be used to address increasing demand in existing markets, as well as fuel MODIFI s continuing growth and finance buyers and sellers in new geographies, particularly the US.
European fintech MODIFI announces $60M debt facility with Silicon Valley Bank; to focus on Indian SMBs
MODIFI will use the funds in addressing the increasing demand in India and other existing markets and fuel its continued growth in the US.
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a new $60 million debt facility with Silicon Valley Bank (SVB), bringing its
total capital raised to $111 million.
SVB’s German branch will help in addressing the increasing demand in India and other existing markets, as well as fuel MODIFI’s continued growth in new geographies, particularly the US, the company said in a statement.
Founded in 2018, the paperless online platform MODIFI attempt to help small and medium businesses foster international partnerships and benefit local economies.
Berlin-headquartered fintech Modifi is seeking to expand its digital trade finance business into the US, following a fresh injection of funding from Silicon Valley Bank (SVB).
The company, whose platform enables access to finance for importers and exporters, is also expanding its presence in the Netherlands, where it says SMEs lag well behind the European average in terms of access to credit facilities.
The US expansion is backed by a new US$60mn debt facility from SVB’s German branch, bringing the company’s raised capital to US$111mn.
Nelson Holzner, Modifi’s chief executive and co-founder, tells
GTR that the company is building up its US-based team and has pilot customers in the country already.
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