Fintech firm MODIFI targets to finance 500 SMEs in next 2-3 years

Amsterdam-headquartered fintech MODIFI on Tuesday said it is eying to finance about 500 small and medium enterprises (SMEs) across India in the next two to three years in collaborations with leading trade bodies.

 

Having facilitated over $3 billion in global trade across over 1,800 trading partners in more than 55 countries since its inception, India remains pivotal to MODIFI's global expansion journey, a release said.

 

The company, a global player in cross-border B2B trade finance and payments solutions, launched its India operations in 2019, making it the first international market outside Europe.

 

In India, the release said, the company has provided trade financing to firms across key export sectors like renewables, automotive, chemicals, and textiles.

 

"With our latest funding, we are doubling down on our India operations to meet the increasing demand for flexible, digital trade finance solutions," said Matthias Hendrichs, Chief Commercial Officer of MODIFI Global.

 

With a 38 per cent year-on-year growth, the fintech said it will invest a significant portion of its recently raised $15 million Series C funding to fuel the growth, focusing on deepening local operations.

 

MODIFI has earmarked Rs 50 crore to finance over 500 SMEs across India in the next two to three years by joining hands with prominent trade bodies, the release said.

 

The company also plans to invest heavily in expanding its workforce, forging deeper partnerships with trade bodies, and enhancing its technological capabilities to better serve Indian exporters.

 

MODIFI's proprietary platform provides SMEs with collateral-free financing. The platform is fully compliant with Reserve Bank of India regulations, the release said.