MODIFI tops €100m valuation with €20m Series B funding
Digital trade finance platform MODIFI has closed a Series B funding round worth €20 million.
The fundraise, led by investor Heliad Equity Partners, brings the fintech’s valuation to more than €100 million.
Italian banking group Intesa San Paolo also participated via its VC investment arm Neva SGR, alongside existing investors Global Founders Capital, Maersk Growth and Picus Capital.
MODIFI helps SMEs finance and manage their international trades, track and manage their shipments and reduce counterparty risk. The start-up aims to make it easier for companies to overcome traditional barriers to entry and grow their businesses to boost local economies.
The fintech’s digital trade finance platform covers Europe, Asia and North America, encompassing approximately 80% of global imports and exports.
MODIFI will use the money raised to fund upgrades to its platform. It plans to grow the platform into a global trade management hub and allow users to find new trade partners and manage FX risks.
This latest round follows successful launches in the US, Netherlands and Bangladesh in the first half of 2021 after raising a $60m debt facility from Silicon Valley Bank.
MODIFI CEO and co-founder Nelson Holzner says smaller businesses lack the tools and know-how enjoyed by their larger counterparts and the options available to them are often fragmented.
“We have successfully digitised the trade finance industry and are now developing our platform into a comprehensive trade management hub that will empower SMEs to take control of their global trade activities.”