Modifi, a NYC-based global fintech company, raised $24M in funding, which brings its valuation to more than $120M.
The round was led by new investor Heliad Equity Partners with a co-investment from Neva SGR, the venture capital investment vehicle of Italian banking group Intesa San Paolo, and participation from existing investors Global Founders Capital, Maersk Growth, and Picus Capital.
The company intends to use the funds for major upgrades to the platform, allowing customers to take care of all trade-related activities in one place, including finding new trade partners and managing foreign exchange risk, among other things.
Led by CEO and Co-Founder Nelson Holzner, Modifi is a digital trade finance platform for SMBs that spans the three major trading regions of Europe, Asia, and North America – a cluster that encompasses approximately 80% of global imports and exports. It provides SMBs with digital solutions to finance their trades, protect them from counterparty risk, and track and manage their shipments.
The company launched in the US, Netherlands, and Bangladesh in the first half of 2021, after raising a $60m debt facility from Silicon Valley Bank. The company currently operates out of nine offices in New York, Berlin, Amsterdam, Delhi, Mumbai, Dhaka, Shenzhen, Hong Kong, and Dubai.
It serves over 1,000 buyers and sellers across more than 40 countries.