This deal will give customers access to more liquidity, says Rajvanshi
Global fintech MODIFI has acquired New Delhi-based Seawise Capital’s trade finance and SaaS business in India, which is focus on solving global trade issues for SME exporters in India.
“We are thrilled to welcome Seawise customers and employees to MODIFI. It’s impressive to see the products Seawise has developed over the years, and we are excited to join forces and solve global trade for SME exporters in India,” MODIFI CEO and Co-Founder Nelson Holzner said on 25 Jan 2022.
“Over the past 18 months our business here has grown more than 2,100%, making India our largest single market. Our strong presence in the region and an experienced local team will ensure a smooth transition and excellent customer service,” said Holzner.
“This is an exciting next step for us as we join forces with MODIFI. Over the last 3 years, we have built Seawise into a leading trade finance player in India offering working capital solutions and supply chain software to exporters,” added Seawise CEO and Co-Founder Kunal Rajvanshi.
“This deal will capitalise on everything we have built so far, giving our customers access to more liquidity and improving the way they participate in global trade,” elaborated Rajvanshi.
The transaction relates to the future business of the Seawise portfolio. The parties agreed to keep further details private.
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% of global imports and exports. It provides SMEs with simple digital solutions to finance and manage their trades, protect them from counterparty risk, and easily track their shipments.
MODIFI currently operates out of 9 offices in Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and Dhaka. fiinews.com
