Business payments platform MODIFI has secured $15 million in funding.
The Series C round was led by SMBC Asia Rising Fund, and featured participation from existing investors Maersk, Intesa SanPaolo, and Heliad.
MODIFI made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
In a round led by SMBC Asia Rising Fund, B2B Buy Now, Pay Later platform MODIFI has raised $15 million in funding. The Series C round also featured participation from existing investors Maersk, Intesa SanPaolo, and Heliad. In addition to the investment, MODIFI and Sumitomo Mitsui Banking Corporation (SMBC) have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions to support Asia-based SME exporters as they seek to grow their international trade operations. In a statement, the company underscored SMBC’s significant presence in the Asia-Pacific region, noting that SMBC brings capital and strategic alignment to the new relationship.
“The funding underscores the strength of our business and the confidence our investors have in our vision for the future,” MODIFI CEO and Co-founder Nelson Holzner said. “As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders.”
MODIFI, which stands for “Modern Digital Finance,” offers tools and solutions to optimize working capital and streamline cross-border payments. The company integrates advanced risk management with seamless payment processes to help businesses of all sizes expand their international operations. The fresh capital will help accelerate MODIFI’s expansion plans in high-growth markets such as China and India, where the company has already made inroads. A few weeks ago, MODIFI announced a strategic partnership with India’s Gujarat Industry Development Association (GIDA). This spring, the company announced a record year of business growth in China, with a 160x year-over-year increase in funding enabled for Chinese exporters. Together, SMBC and MODIFI plan to empower SMEs with new and innovative cross-border financial solutions via a series of joint initiatives, and to help these firms improve cash flow and expand their international reach.
“Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions,” Holzner said. “With this fresh funding, we’re set to redefine global trade finance — ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally.”
MODIFI made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. At the conference, the company demonstrated its MODIFI Hub, which enables SMEs using MODIFI’s digital platform to check available limits, manage transactions, and request financing in less than 10 minutes.
Founded in 2018, MODIFI serves more than 1,700 customers in 55+ countries. The company has facilitated more than $3 billion in global trade, and was recognized this year by the Financial Times and Statista as one of the fastest-growing European fintech companies.
Photo by anna-m. w.
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