MODIFI will finance over 100s of SMEs across India in the next two to three years by joining hands with prominent organizations like the SME Chamber of India and the Maharashtra Industry Development Association (MIDA).
FinTech BizNews Service
Mumbai, December 03rd, 2024: MODIFI, a global leader in cross-border B2B trade finance and payments solutions, has announced bold expansion plans for India, reinforcing its strategic commitment to one of its fastest-growing markets. With an impressive 38% year-on-year (YoY) growth, the Amsterdam-headquartered fintech is eyeing a significant increase in its India business in 2025. As part of its strategy, MODIFI will invest a significant portion of its recently raised $15 million Series C funding to fuel this growth, focusing on deepening local operations.
Having facilitated over $3 billion in global trade across 1,800+ trading partners in 55+ countries since its inception, India remains pivotal to MODIFI’s global expansion journey. The company launched its India operations in 2019, making it the first international market outside Europe. Since then, it has empowered Indian SMEs by providing trade financing to hundreds of companies across key export sectors like renewables, automotive, chemicals, and textiles.
In alignment with the government’s ‘Make in India’ initiative, MODIFI’s digital financing solutions address the working capital challenges faced by SMEs. These solutions eliminate the need for collateral, streamline access to global markets, and enable businesses to compete internationally with confidence. MODIFI has also established strategic partnerships with platforms such as RXIL, M1Xchange, and Vayana Trade Xchange, further cementing its role in supporting Indian exporters.
Outlining the company’s growth strategy, Mr. Matthias Hendrichs, Chief Commercial Officer of MODIFI Global, commented:
"India has always been a cornerstone of our international operations. Our remarkable growth here is a testament to the resilience of Indian SMEs and their critical role in the global supply chain. With our latest funding, we are doubling down on our India operations to meet the increasing demand for flexible, digital trade finance solutions."
The company plans to invest heavily in expanding its workforce, forging deeper partnerships with trade bodies, and enhancing its technological capabilities to better serve Indian exporters.
MODIFI has earmarked ₹50 crore to finance over 100s of SMEs across India in the next two to three years. These efforts are bolstered by partnerships with prominent organizations like the SME Chamber of India and the Maharashtra Industry Development Association (MIDA). These collaborations align with MODIFI’s mission to empower Indian businesses to scale globally and support the nation’s export-driven economic growth.
Mr. Pulkit Kapil, Senior Director of National Sales at MODIFI India, highlighted the company’s focused approach:
"Our goal is to make trade finance accessible, simple, and effective for Indian exporters. By prioritizing key sectors like packaging, plastics, and renewables, we aim to empower local industries and enhance India’s competitiveness on the global stage."
MODIFI’s proprietary platform provides SMEs with fast, collateral-free financing, enabling them to maintain healthy cash flows and foster stronger buyer relationships. The platform is fully compliant with Reserve Bank of India (RBI) regulations and integrates advanced risk management tools, including trade credit insurance, to safeguard cross-border transactions.
