Modifi receives 50 million euro credit line
Lisa Marie Münster
| 17.03.2021
The money for the fintech Modifi comes from Silicon Valley Bank and will be used primarily for expansion. In addition, another round of financing is expected this year.
Fintech Modifi's concept is simple: it buys merchants' receivables from suppliers, for example, so they can get their sales pre-financed. By itself, Modifi gets a fee for the service. Now the company is getting a €50 million line of credit from Silicon Valley Bank. The main purpose of this is to drive expansion, including into the US.
"We have significantly more firepower as a result of the deal," Nelson Holzner, one of the three founders, told Finance Forward.
The upswing will also be used to seek a new round of funding. So far, Rocket Internet and shipping company Maersk have invested in Modifi. The Berlin-based startup also has offices in Berlin, New Delhi, Dubai, Shenzhen and in Hong Kong.
Newsletter
Startups, stories and stats from the German startup ecosystem straight to your inbox. Subscribe with 2 clicks. Noice.
LinkedIn ConnectTake care, give care
Did this news inform or entertain you? Then we would be happy if you tell your network about it.
Share on Linkedin Share on Facebook Share on XingRelated companies
Investor
2014
Berlin
Startup
2018
Berlin
FYI: English edition available
Hello my friend, have you been stranded on the German edition of Startbase? At least your browser tells us, that you do not speak German - so maybe you would like to switch to the English edition instead?
FYI: Deutsche Edition verfügbar
Hallo mein Freund, du befindest dich auf der Englischen Edition der Startbase und laut deinem Browser sprichst du eigentlich auch Deutsch. Magst du die Sprache wechseln?
