MODIFI, a Berlin-based global fintech startup, brings USD 24 million in a Series B funding round led by new investor Heliad Equity Partners and co-invested with the venture capital fund Neva SGR of Italy’s leading banking group Intesa San Paolo on 14 September 2021.
Investors: New investor Heliad Equity Partners led the latest funding round with a co-investment from Neva SGR, a wholly-owned subsidiary of Italy’s leading banking group Intesa San Paolo. In addition, existing investors, including Global Founders Capital, Maersk Growth and Picus Capital, also contributed to this round. The startup has managed to raise its valuation to more than USD 120 million.
The objective behind the funding: The startup plans to deploy the proceeds to develop its digital trade financing platform for SMEs into a global trade management hub. MODIFI aims to provide a one-stop platform for all trade-related activities, including finding new trading partners and managing foreign exchange risks.
After selling their old business BillPay to Klarna, Nelson Holzner, Sven Brauer and Jan Wehrs founded MODIFI in 2018. MODIFI platform covers three main trade areas of Asia, North America and Europe, encompassing 80% of the global imports and exports volume. MODIFI digital trade finance platform aids SMEs in financing their trade, protecting them from counterparty risks, and easily tracking and managing their shipments. Operating out of 9 offices in New York, Berlin, Amsterdam, Delhi, Mumbai, Dhaka, Shenzhen, Hong Kong and Dubai, the company presently serves more than 1,000 buyers and sellers across more than 40 countries.
What the Founder has to say:
“Smaller businesses lack the tools and know-how to trade with the ease and comfort enjoyed by their larger counterparts. The solutions available out there are fragmented and don’t approach the problem holistically. We have successfully digitized the trade finance industry and are now developing our platform into a comprehensive trade management hub that will empower SMEs to take control of their global trade activities. With Heliad Equity Partners and Neva we are delighted to have two new strong partners complementing our existing shareholder base”, says CEO and Co-Founder Nelson Holzner.
What the Investor has to say:
“MODIFI has not just grown in business and outreach in the last few years but also in its approach to addressing systemic issues related to global trade. We are very happy to support the stellar team around Nelson Holzner, Sven Brauer, and Jan Wehrs at MODIFI in their journey to become the leading trade finance and management platform for SMBs. Small businesses form the backbone of local economies, and it’s critical that we help them grow and flourish,” said Faulk Schaefers, CEO of Heliad Equity Partners.
“The ability to raise funds and attract investors and industry partners worldwide in a very short time confirms MODIFI’s enormous potential to become a billion euro company. It’s clear that global trade is in need of digital solutions. MODIFI has already done a lot to simplify and automate paper-heavy trade finance processes, and we are looking forward to seeing the fintech company tackle a broader set of challenges related to global trade,” said Mario Costantini, CEO of Neva SGR.
MODIFI’s platform proves to help COVID-19 hit SMEs to find business partners, secure finance, and establish online payment options. India turned out as the largest single market for MODIFI, representing 36 per cent of its total financed volume so far in 2021.
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