MODIFI, a digital trade finance platform for small and medium-sized businesses, announced this week it has officially launched. MODIFI was notably created by the team behind BillPay. According to CEO and Co-Founder of MODIFI (former CEO and Founder of BillPay), Nelson Holzner, the new platform’s digital buyer finance is the first of many steps in reaching the company’s mission.
“We believe that trade is a key driver for global development. With our new platform, we can facilitate the trade of goods for thousands of underserved companies, benefitting local economies. We want to make a positive impact, particularly in less-developed markets where businesses suffer most from the inadequacies of the current trade finance system.”
MODIFI reported it has developed simple tech solutions as a way of modernizing an idle industry. The platform allows SMEs to apply for import financing in less than ten minutes online. Responses generally come within 48 hours, allowing customers to grow their business through increased buying power and to become more profitable by securing early payment discounts. MODIFI went on to add:
“The company’s digital-first approach is reflected in their partnership with the innovative solarisBank, MODIFI’s licensed banking partner. The API integration of solarisBank’s services enables MODIFI to offer a fully digital end-to-end process from identification (KYC) to payout. Consequently, pricing is low and transparent, starting at just 0.99% per 30 days and with repayment terms of up to 120 days.”