Modifi acquires Seawise Capital’s trade finance and SaaS business in India
Global fintech Modifi has acquired Seawise Capital’s trade finance and Software-as-a-Service (SaaS) business in India for an undisclosed amount.
Modifi says it’s 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”.
Founded in 2018 in Germany, Modifi currently operates out of nine offices in Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and Dhaka.
It provides SMEs with digital solutions to finance and manage their trades, mitigate counterparty risk and track their shipments. It says it serves over 1,100 buyers and sellers across more than 40 countries.
Nelson Holzner, co-founder and CEO of Modifi, says the company’s business in India has grown more than 2,100% over the past 18 months, making it the fintech’s largest single market.
“Our strong presence in the region and an experienced local team will ensure a smooth transition and excellent customer service,” he assures.
Seawise was founded by Kunal Rajvanshi, Vidur Jain and Manish Pal in 2019 and is a Y Combinator start-up. In addition to providing digital working capital solutions to Indian SMEs that export goods to the UK, Europe and the US, the start-up also provides a SaaS product to track shipments, get paid faster and reduce risk in international trade.