MODIFI offers off balance sheet funding to Indian SMEs
The European fintech MODIFI has recently launched a digital trade finance platform for Indian SME exporters
Here are a few key points about MODIFI’s India entry
1) The financing by MODIFI is “off balance sheet”, meaning it can be secured in addition to any outstanding loans and without increasing a company’s debt.
2) The company has chosen India as the first market for its expansion into Asia after having successfully launched its digital trade finance platform for SMEs in November 2018 in Europe.
3) MODIFI have created a product that benefits Indian exporters as much as possible. As per Nelson Holzner, co-founder of MODIFI The company expects to finance a volume of $1 billion in India by the year 2022.
4) MODIFI takes the credit risk of the buyer, they can trade with confidence.
5) Providing faster turnaround times and a seamless experience, MODIFI has enabled SMEs to apply online for collateral-free export finance in less than ten minutes and receive a response within 48 hours.
6) MODIFI’s expansion to India has been fuelled by a €5.5m investment and a partnership with A.P. Moller-Maersk, the world’s largest container shipping company.