Modifi receives 20 million euros
The digital trade finance platform has closed its Series B funding round. The fintech says it has now reached a valuation of more than €100 million.
Modifi, a startup that operates a digital trade finance platform for SMEs, closed its Series B funding round and raised €20 million. It is led by investors Heliad Equity Partners and Neva SGR, a VC fund of major Italian bank Intesa San Paolo. Existing investors Global Founders Capital, Maersk Growth and Picus Capital also participated in the round.
Modifi operates in Europe, Asia and North America. The startup's platform offers SMEs solutions to finance their trade, protect them from default risks, and track and manage their shipments. With the funding round behind it, the fintech plans to expand it further so that customers can use it to handle all trade-related activities. This includes things like finding new trading partners and managing foreign currency risk.
"SMEs lack the tools and know-how to trade with the same ease as their larger competitors. The solutions available are not enough," says Nelson Holzner, CEO and co-founder of Modifi. According to the startup, founded in 2018, more than 1,000 importers and exporters from more than 40 countries use the platform as a digital solution to trade like large companies on the international stage and find new partners worldwide.
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