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
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