Modifi receives 50 million euro credit line
The money for fintech Modifi comes from Silicon Valley Bank and will be used primarily for expansion. A financing round is also planned for this year.
The concept of the fintech Modifi is simple: for example, it buys merchants' receivables from suppliers so that they can pre-finance their sales. Modifi itself receives a fee for the service. The company has now received a credit line of 50 million euros from Silicon Valley Bank. This is primarily intended to drive expansion, including in the USA.
"The deal gives us significantly more firepower," says Nelson Holzner, one of the three founders, to Finance Forward. The boost will also be used to seek a new round of financing. Rocket Internet and the shipping company Maersk have so far invested in Modifi. The Berlin-based start-up also has offices in Berlin, New Delhi, Dubai, Shenzhen and Hong Kong.
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