Application takes under 10 mins and disbursal within 48 hours. Will solve liquidity problem for Indian Exporters who sell on credit to international buyers
CEO of SME MaXX, Dr Anand Bidarkar with CEO of MODIFI, Nelson Holzner
Mumbai, 3rd October 2019
Indian SME Platform SME MAXX and MODIFI, a Trade Finance specialist from Europe backed by Maersk, are proud to announce a new partnership to help Indian SMEs get the export finance they need to grow their businesses.
SMEs that trade on credit terms with their overseas buyers have many benefits, but can also suffer from liquidity problems, with exporters having to wait 60 or 90 days for their invoices to be paid. Not only is there a lack of awareness of the financing solutions available, but also a lack of options.
Traditionally, SMEs would turn to a bank for their working capital requirements. However bank loans require collateral and are cumbersome, often taking weeks to be arranged. These paperwork heavy solutions are rigid and do not cater well to seasonal fluctuations or a sudden change in demand - such as a new buyer requesting a large order.
With MODIFI’s Export Factoring, SMEs can apply for finance in under 10 mins and have the money in their account in as little as 48 hours later. MODIFI’s online platform means SMEs can get finance fast, without any paperwork and without having to put forward any collateral. Risk insurance is included, so the seller doesn’t lose out if the buyer defaults. This saves the time and hassle of ECGC.
“We are very excited to work with SME MAXX to help Indian SMEs get the finance they need to stay ahead in a competitive global landscape” said Nelson Holzner, CEO of MODIFI. “With a digital first approach, MODIFI and SME MAXX are perfectly aligned and we look forward to helping exporters achieve the Digital India objectives the government has set.”
Dr.Anand Bidarkar, CEO of SME MaXX said that “Our customer base is vastly engaged in exports and the strategic alliance with MODIFI for faster trade finance will bring much needed financial support to Indian SMEs”.
Applications for Export Finance can be submitted at: https://www.smemaxx.com/partners-modifi
MODIFI is solving global Trade Finance for small and medium sized businesses (SMEs). Founded in 2018, MODIFI is tackling a $20 trillion industry in which 50% of requests for Trade Finance by SMEs are rejected by banks, resulting in a funding gap of $1.5 trillion annually. Through its paperless online platform, the company empowers businesses to grow, fostering strong international partnerships and benefitting local economies. To see how small and medium sized businesses can benefit from MODIFI’s digital Trade Finance, visit www.modifi.com or follow us on LinkedIn and Facebook.
About SME MAXX:
SME MaXX is a one stop shop focused on increasing SME productivity. Founded in 2015, SME MaXX is a group buying platform that offers Fintech, InsureTech & HRTech solutions to SMEs (Small and Medium Sized Enterprises) & their employees. Through its partnership & reward based model, SME MaXX provide best deals & lower the cost for SMEs. With multiple fintech players coming in SMEs are not aware of all the sources of credit available to them, end up approaching the wrong or expensive lender for their needs. They have developed Recommendation Engine to solve this problem. Visit www.smemaxx.com to get registered & earn rewards for every transaction.