Neva SGR invests in the empowerment of a global trade management hub for SMEs
Neva SGR - Intesa Sanpaolo Group's venture capital company, participated in the investment of €20 million in MODIFI's Series B shares: funds will be used to grow MODIFI's digital trade finance platform for SMEs into a global trade management hub.
MODIFI is a fintech company that helps small and medium sized businesses to finance their trades, protect them from counterparty risk, and easily track and manage their shipments, offering digital solutions that enable SMEs to trade like large corporates.
The new funding will power upgrades to the platform, allowing for example MODIFI customers to take care of all trade-related activities in one place, including finding new trade partners and managing foreign exchange risk.
Small and medium-sized businesses account for over 95% of all firms worldwide, but their contribution to global trade is significantly lower, mainly due to difficulties in finding business partners, securing finance, and poor online payment options. MODIFI's mission is to empower SMEs to trade and grow their business, thus benefiting local economies.
MODIFI, which serves over 1,000 buyers and sellers across more than 40 countries, launched in the US, Netherlands and Bangladesh in the first half of 2021 and currently operates out of 9 offices in New York, Berlin, Amsterdam, Delhi, Mumbai, Dhaka, Shenzhen, Hong Kong and Dubai.
Last updated 16 September 2021 at 11:33:55