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July 20, 2023

MODIFI: Revolutionizing Cross-Border Payments with $100M

HSBC fuels MODIFI's growth with a massive debt facility

MODIFI, the cross-border business payments firm, has hit a major milestone by securing a whopping $100 million debt facility through HSBC Innovation Banking UK. With its innovative platform, MODIFI simplifies global trade complexities, enabling sellers to receive instant payments and allowing buyers to pay later.

This significant injection of working capital from HSBC follows a previously undisclosed debt facility of $75 million from a prominent global financial institution. The strong financial backing underscores the confidence in MODIFI's vision and potential.

Since its establishment in 2018, the firm has rapidly expanded its reach, establishing a presence in key cities including Amsterdam, Berlin, New York, Mexico City, Mumbai, Hong Kong, Singapore, Dubai, etc. With a vast network of over 1,500 buyers and sellers spanning approximately 50 countries, MODIFI has positioned itself as a global player.

In trade finance, small and medium-sized businesses often face a discouraging reality. Traditionally, they experience a staggering 50% rejection rate when seeking financial assistance, resulting in an alarming annual funding gap of $1.5 trillion. The ongoing global pandemic has further exacerbated the situation, dampening risk appetite and disproportionately impacting SMEs and local businesses. This is precisely where MODIFI steps in, offering a solution by bridging the funding gap and empowering SMEs, buyers, and sellers to manage their invoices with the option to defer payments for up to 180 days.

Joining an illustrious list of existing MODIFI supporters, HSBC now stands alongside esteemed backers such as Silicon Valley Bank, Solaris, Heliad Equity Partners, Global Founders Capital, Picus Capital, and Maersk Growth. This impressive lineup of investors further validates MODIFI's innovative approach and underscores its potential to revolutionize the global trade finance landscape.

With the backing of HSBC and other prominent investors, MODIFI is poised to reshape the way businesses navigate international trade, bringing greater accessibility, flexibility, and financial empowerment to SMEs worldwide.

MODIFI's achievement of securing a $100 million debt facility from HSBC represents a significant step forward in its mission to revolutionize cross-border business payments. By bridging the funding gap and empowering SMEs and businesses globally, MODIFI is transforming the trade finance landscape, driving growth, and fostering economic resilience.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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