MODIFI, a global business payments firm specialising in cross-border B2B transactions, has announced a new funding round. This fast-growing FinTech enterprise, established in 2018, is known for providing instant payment solutions to suppliers and offering payment deferment options to buyers for up to 180 days.
The firm has successfully secured a $100m debt facility in a deal struck with HSBC Innovation Banking UK. This financing agreement represents a significant milestone in MODIFI’s refinancing strategy, which seeks to diversify the firm’s funding sources by partnering with top-tier capital providers.
MODIFI’s innovative business model is built around facilitating international business for importers and exporters. The company’s digital platform removes traditional barriers to global trade, empowering small to midsize businesses with the tools they need to compete with larger corporations on an equal footing. Today, MODIFI’s platform serves over 1,500 buyers and sellers in more than 50 countries and maintains a presence in 11 major cities worldwide, including Amsterdam, Berlin, and New York.
The $100m raised will be used to further drive MODIFI’s growth. This comes as the company aims to continue its development as a leading provider of trade finance products, meeting the increasing demand for liquidity from its expanding customer base.
Alongside the HSBC facility, MODIFI recently secured another significant debt facility amounting to $75m from a leading global financial institution. This substantial financial backing further emphasises the firm’s commitment to its expansion plans and the ongoing improvement of its digital platform.
MODIFI CEO and co-founder Nelson Holzner expressed his excitement over the partnership with HSBC Innovation Banking UK, stating, “We are excited to partner with a top-notch financial institution like HSBC Innovation Banking to meet the growing demand of our customers for higher liquidity.”
Conor Sheehy, head of FinTech Warehouse Finance at HSBC Innovation Banking UK, echoed this sentiment, saying, “There is a growing need for innovative solutions that remove barriers, increase transparency and enable small and midsize businesses to trade on a par with larger corporates. We are incredibly excited at HSBC Innovation Banking to support MODIFI as it continues on its trajectory to become a leading provider of trade finance products.”
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