Global fintech Modifi has raised $24 million in a Series B funding round, which brings its valuation to more than $120 million. The round was led by new investor Heliad Equity Partners with a co-investment from Neva SGR, the venture capital investment vehicle of Italy's leading banking group Intesa San Paolo. Existing investors also participated significantly, including Global Founders Capital, Maersk Growth and Picus Capital. The funds will be used to grow MODIFI's digital trade finance platform for SMEs into a global trade management hub.
MODIFI is the only digital trade finance platform for SMEs that spans the three major trading regions of Europe, Asia and North America – a cluster which encompasses approximately 80 per cent of global imports and exports. It provides SMEs with simple digital solutions to finance their trades, protect them from counterparty risk, and easily track and manage their shipments. The new funding round will power major upgrades to the platform, allowing MODIFI customers to take care of all trade-related activities in one place. This includes finding new trade partners and managing foreign exchange risk, among other things.