Modifi receives USD 50 million loan from Silicon Valley Bank

Wednesday 17 March 2021 14:46 CET | News

Silicon Valley Bank has announced a credit provision for Germany-based financing startup Modifi for further expansion. 

Modifi earns by charging a fee through purchasing, for example, Chinese or Indian suppliers' accounts receivable from exporters (factoring) or pre-finances their purchases for trading companies. A representative of Modifi states that the deal gives them more power to develop and that Modifi aims to expand further in the US with the credit of over EUR 50 million.

Modifi also has connections in the United States with the manufacturers it finances; they are the purchasers of the products Modifi has pre-financed. As a result, Modifi believes business in the US should increase through more sales. The Silicon Valley Bank, which has been operating in Germany for a number of years, typically grants startups a so-called venture debt. A financing round is to follow at Modifi in the course of 2021. 

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Keywords: investment, financial services, factoring, trade finance
Categories: Banking & Fintech
Countries: Germany
This article is part of category

Banking & Fintech

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