The platform aims to facilitate the trade of goods for underserved companies, benefitting local economies, particularly less-developed markets where businesses suffer most from the inadequacies of the current trade finance system, company officials have stated.
Modifi allows SMEs to apply for import financing in less than ten minutes online. Responses generally come within 48 hours. The company has teamed with Germany’s solarisBank as its licensed banking partner. The API integration of solarisBank’s services enables Modifi to offer a digital end-to-end process from identification (know your customer – KYC) to payout. Pricing starts at 0.99% per 30 days and with repayment terms of up to 120 days.
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