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News

MODIFI acquires PrimaDollar's export trade finance business

Friday 26 February 2021 13:49 CET | News

PrimaDollar has made the strategic decision to focus on its supply chain trade finance platform after selling its export trade finance business to MODIFI, the latter has announced.
PrimaDollar offers a SaaS solution that enables large and mid-sized importers to take control over how their international suppliers are funded and paid. 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.


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Keywords: supply chain finance, trade finance, e-invoicing
Categories: Banking & Fintech
Companies:
Countries: World
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Banking & Fintech

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