PrimaDollar to focus on supply chain trade finance and larger clients, MODIFI acquires its SME export trade finance business
PrimaDollar today announces that its business will, from now on, be wholly focused around its increasingly successful supply chain trade finance technology platform.
MODIFI becomes the leading digital trade finance platform supporting SMEs globally.
MUMBAI, INDIA & AMSTERDAM, THE NETHERLANDS – 24 February 2021 – PrimaDollar has made the strategic decision to focus on its category-leading supply chain trade finance platform.
This is an enterprise, SaaS, technology solution that enables large and mid-sized importers to take control over how their international suppliers are funded and paid. With the increasing success of this platform and focus on larger clients, PrimaDollar's board has determined that its existing export customers, who are typically SMEs, will be better served by moving across to one of the dedicated export trade finance specialists operating with a similar geographic footprint. PrimaDollar selected MODIFI after a full market review.
The sale of PrimaDollar's export trade finance business to MODIFI has now completed. The transaction only relates to future business, with PrimaDollar retaining its current outstanding trade finance book.
MODIFI provides trade finance to businesses across the world on a single digital platform. The company has offices in Amsterdam, Berlin, New Delhi, Shenzhen, Hong Kong and Dubai. With digital onboarding and a paperless platform, customers can get working capital in a matter of days. MODIFI pays exporters' outstanding invoices and covers the risk of buyer defaults.
Tim Nicolle, CEO of PrimaDollar, commented that “We believe that MODIFI is the international digital trade finance company best placed to ensure that our export finance customers across South and East Asia will continue to receive exemplary service and a reliable source of low-cost liquidity in support of their international trade. We continue to be excited by the enormous growth potential open to us in trade finance — potential that has increased substantially during the pandemic. We are expanding quickly and expect to be an ever-growing part of the trade finance landscape.”
Nelson Holzner, CEO and Co-Founder of MODIFI, commented “MODIFI is delighted to take on PrimaDollar's export trade finance customers in a deal which is fully aligned with our mission to enable global trade. This is a significant milestone for MODIFI as it establishes us as the leading global digital trade finance platform supporting small and medium-sized exporters and importers. In the next few weeks we'll be working hard to ensure a smooth transition and provide our new customers with excellent service to support their growth”. (*).