Modifi Acquires PrimaDollar's Export Trade Finance Business
Recently, PrimaDollar has made a prudent decision to focus only on its category ie. a leading supply chain trade finance technology platform as it has sold all its existing export customers who are SMEs, to Modifi. Modifi is an SME-focused startup that provides necessary aid to businesses in development as well as guides them in maintaining strong relationships on an international level and taking advantage of local economies. Both the companies are mutually agreed on executing the transaction for only future businesses. PrimaDollar is likely to keep its existing outstanding trade finance book.
PrimaDollar is a SaaS technology-based enterprise that allows large and mid-sized importers to control the ways of funding and paying their international exporters. As the platform is showing its expanding achievement with a focused area on bigger clients, the board of the company has got an opinion that their existing export customers which are SMEs will be efficiently served by shifting to one of the devoted export trade finance experts working with the similar geographic impression. After conducting thorough market research, PrimaDollar selected Modifi. The deal of selling PrimaDollar’s export finance business to Modifi has now been finished.
Modifi is a digital trade finance company which is providing trade finance service to businesses worldwide on a single digital platform. With its offices in Amsterdam, Berlin, New Delhi, Shenzhen, Hong Kong, and Dubai, it is a computerized on-boarding and a paperless platform where the customers can fulfill their working capital requirements within a couple of days. Modifi plays a vital role in paying outstanding invoices of exporters as well as mitigates the associated risks in case if the buyer defaults.
Tim Nicolle, CEO of PrimaDollar stated that “We accept the fact that Modifi is a global digital trade finance company capable of ensuring our export finance clients across South and East Asia will continue to get the outstanding services and a trustworthy source of low-cost liquidity on the side of their global trade. We keep on being energized by the tremendous development open to us in trade finance - potential that has improved substantially at the time of the pandemic. We are extending at a fast pace and expect to be a consistently developing piece of the trade finance scenario.”
Nelson Holzner, CEO, and Co-Founder of Modifi also stated, “Modifi is pleased to take on PrimaDollar’s export trade finance customers in a transaction which is completely lined up with a mission to boost global trade. This is a crucial step for Modifi as it sets up as the main global digital trade finance platform aiding small and medium-sized exporters and importers. In the coming few weeks, we will be striving efficiently to guarantee smooth progress and give our great services to aid their development. ”