Sheehy sees innovation solutions enabling SMEs to trade on part with larger corporates
In a bid to support SMEs, HSBC Innovation Banking UK is extending US$100 million debt facility to MODIFI, a global cross-border business payments company with over 1,500 buyers and sellers across more than 50 countries and presence in 11 locations – Amsterdam, Berlin, New York, Mexico-City, Delhi, Mumbai, Shenzhen, Hong Kong, Singapore, Dubai and Dhaka.
The partnership with HSBC Innovation Banking is a key component of MODIFI’s refinancing strategy, aimed at diversifying its funding sources with world-class capital providers.
This comes on the heels of a US$75 million debt facility MODIFI recently closed with another leading global financial institution.
“There is a growing need for innovative solutions that remove barriers, increase transparency and enable small and midsize businesses to trade on a par with larger corporates,” said Conor Sheehy, Head of Fintech Warehouse Finance at HSBC Innovation Banking UK.
“We are incredibly excited at HSBC Innovation Banking to support MODIFI as it continues on its trajectory to become a leading provider of trade finance products,” Sheehy said on 18 July 2023.
Nelson Holzner, CEO and Co-Founder of MODIFI, expressed his enthusiasm about the partnership with HSBC, stating, “We are excited to partner with a top-notch financial institution like HSBC Innovation Banking to meet the growing demand of our customers for higher liquidity.”
Founded in 2018, MODIFI is a global business payments company through its digital platform that enables suppliers to receive instant payments while offering buyers the option to defer payments for up to 180 days. Fiinews.com
