Amsterdam and Singapore The B2B Buy Now, Pay Later (BNPL) solutions company, MODIFI, has successfully raised funding worth $15 million from the SMBC Asia Rising Fund to strengthen its efforts in the Asian region and also to support small and medium-sized enterprises (SMEs). This investment would enhance MODIFI’s footing in the cross-border B2B payments and trade finance sectors. It seeks to grow fast in the high-growth markets such as China and India.
In a region where the growing demand for digital trade finance solutions is high, MODIFI enters this region to support Asia’s SMEs, who have tremendous challenges in accessing reliable financing options for cross-border transactions. This funding will allow MODIFI to bridge the gaps by providing essential working capital, streamlined payment processes, and integrated risk management solutions to optimize cash flow, protect against defaults and fraud, and accelerate international growth.
The capital injection is coming into MODIFI at a perfect time. MODIFI has gained the distinction of being on the list of Europe’s fastest-growing fintech firms. In just three short years since its inception, in 2018, MODIFI has facilitated the completion of more than $3 billion worth of trade to over 1,800 small and medium-sized businesses on this planet. The flexible, powerful platform of this company can immediately approve working capital with strong protective measures, which will definitely attract SMEs to its flexible and secured payment options.
Apart from the investment, MODIFI and SMBC signed a Memorandum of Understanding that sees the two collaborate on digital solutions to empower SMEs spread across Asia to export easily. Under this partnership, MODIFI will use the already-established network of SMBC to empower SMEs to expand their export business without having to face typical trade finance barriers.
MODIFI announced its partnership at the Singapore Fintech Festival and highlighted the company’s commitment to promoting fintech-driven solutions within the global trade finance ecosystem. With support from the SMBC banking group, a leading Japanese bank, MODIFI has well positioned itself for expansion, which will help many more SMEs succeed in a growing, competitive international market.
Co-founded by Sumitomo Mitsui Banking Corporation and Incubate Fund, the SMBC Asia Rising Fund invests in early-growth, high-potential startups across Asia. This kind of collaboration helps SMBC drive business development and innovation for its corporate clients, who gain greater financial flexibility in conducting global trade.
Source: PRNewswire