Digital Trade Finance Platform Modifi Launched
European fintech Modifi is looking to encourage international development through trade finance with the launch of its product this month. The team behind the payments provider BillPay have created an entirely digital platform through which small- and medium-sized businesses (SMEs) can receive trade finance. Modifi’s digital ‘Buyer Finance’ is the first of many steps in reaching the company’s broader mission.
Doing away with the paperwork and constant back and forth between lender and company, Modifi allows SMEs to apply for import financing in less than ten minutes online. Responses generally come within 48 hours, allowing customers to grow their business through increased buying power and to become more profitable by securing early payment discounts.
The company’s digital-first approach is reflected in their partnership with the innovative solarisBank, Modifi’s licensed banking partner. The API integration of solarisBank’s services enables Modifi to offer a fully digital end-to-end process from identification (KYC) to payout. Consequently, pricing is low and transparent, starting at just 0.99% per 30 days and with repayment terms of up to 120 days.